India’s Reliance Power Ltd whose initial public offering was the biggest and most-hyped in the world this year — plummeted on its first day of trading.
The firm raised 2.9 billion dollars in just 60 seconds in a hugely popular initial public offering in January,
Shares in the power-generation start-up company closed at 372.50 rupees ($9.40) each, 17% below the price of 450 rupees at which many investors purchased shares last month. There had been widespread expectations that the stock might double on its debut, but investors in India have turned negative in the weeks since the IPO.