The bustling Ahmedabad grey market reacted with shock to the bloodbath in the stock markets on Monday. Market operators, who are normally agile in fixing premiums, refrained from taking any new positions as the news of the crash began pouring in.
Not a single transaction was registered in the grey market here on Monday as majority of operators were left gasping for reasons for the fall. The premium on Reliance Power IPO has plummeted to Rs 205 per share from Rs 250 that was seen on January 18.
Even at this rate of premium, there were no transaction on the Reliance Power counter. Operators were busy calculating the losses they incurred in the stock markets.
The mood at Future Capital counter, which witnessed transactions at a premium of Rs 500, too was sombre as operators were not willing to bet due to uncertainty in the official stock markets.
Reliance Power IPO, which had resumed trading on January 3 with a premium of Rs 380 that went up to Rs 450 few days ahead of the opening of IPO, has shed over 50 per cent premium. Reliance Power IPO is expected to be listed in second week of February but operators say that if the bearish sentiments continue, investors may not get the desired listing gains.
Their negative take on the Reliance Power IPO stems from the fact that power stocks like NTPC and Reliance Energy too suffered as much as 15 % loss in the bloodshed.
The mood in the grey market is expected to remain gloomy for the next few days till the stock markets see some signs of recovery.
"Retail investors are not expected to participate in huge numbers as before and this bloodshed is going to have an impact on the forthcoming IPOs too," said a grey market operator.
2 comments:
No-one from SEBI, Finance Ministry and other departments talk of following major issues:-
1. Funds earned by Indian companies the bull-market through Internal-Trading. in India their is no law against Internal Trading, every big industrialist who may or may not happen to be a politician also do not want strict Internal Trading Laws. As it had happened, SEBI put it in a cold box and informed in public that comments are invited on this issue.
2. How Reliance Power IPO has managed its listing in 2-months time? i.e. from submitting a proposal in SEBI to Listing.
3. When Other than Indian markets started their down-trend on 26 ec. 2007, How the Indian markets managed their up-ward trend till 10-11 january. Are we waiting for the closing date of Reliance IPO.
Please Answer.
No-one from SEBI, Finance Ministry and other departments talk of following major issues:-
1. Funds earned by Indian companies the bull-market through Internal-Trading. in India their is no law against Internal Trading, every big industrialist who may or may not happen to be a politician also do not want strict Internal Trading Laws. As it had happened, SEBI put it in a cold box and informed in public that comments are invited on this issue.
2. How Reliance Power IPO has managed its listing in 2-months time? i.e. from submitting a proposal in SEBI to Listing.
3. When Other than Indian markets started their down-trend on 26 ec. 2007, How the Indian markets managed their up-ward trend till 10-11 january. Are we waiting for the closing date of Reliance IPO.
Please Answer.
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