International BusinessPower stocks in red; Tata Power down 5%
Amid a hectic rush of investors for subscribing the initial public offer of NHPC, shares of power companies, led by Tata Power, today tanked in afternoon trade on the Bombay Stock Exchange(BSE).
- NHPC IPO subscribed 3-times at noon">NHPC IPO subscribed 3-times at noon - Auto, metals send mkt into a 390-point tailspin - Tata Power draws Rs 24,000 cr capex plan - NHPC to add 4,622 Mw of hydel power by 2012 - Margin funding revives on the back of IPO market action - NHPC-led JV to develop Rs 8,138-cr project
Shares of biggest private sector power firm Tata Power dropped 5.35 per cent to a low of Rs 1,218 and Suzlon Energy declined nearly four per cent to a low of Rs 89 on the BSE.
Besides, Anil Ambani-led Reliance Power dropped three per cent to Rs 161.10, while Reliance Infrastructure was quoting at Rs 1,133, down 3.64 per cent.
Among the public sector power utilities, BHEL tanked 4.44 per cent to a low of Rs 2,172, PGCIL fell 2.44 per cent to Rs 110 and NTPC was down 1.78 per cent on the BSE.
The IPO of state-run hydro power producer NHPC today got subscribed nearly two times on the first day of offer today, which analysts believe was mainly due the good pricing of the offer and rush of institutional investors.
Mirroring the fall in the sector stocks, the 15-share BSE Power index declined three per cent to a low of 2,842.07 points.
Other major power sector losers on the index were GMR Infrastructure (down 3.35 per cent), Torrent Power (down 2.37 per cent) and Neyveli Lignite (down 2.70 per cent).