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| Power stocks in red; Tata Power down 5% |
| Press Trust of India / Mumbai Aug 07, 2009, 14:16 IST |
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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).
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).
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