Lower floor price dampens IBP

DALAL STREET SPIKES

IBP closed at Rs 692.05 on Monday - down 3.41 per cent over its previous close. It hit a high of Rs 715.80. More than 12421 shares were traded on the BSE.

Players indicate that the counter lost ground after the government set floor prices for the public issue of the company at a discount to the ruling market price and further offered 5 per cent discount to retail investors.

IBP's floor price has been set at Rs 620, more than a 13 per cent discount to Friday's closing price of Rs 716.50.

The IBP public issue, which is through the book building route, starts today. The counter has witnessed volatility in the last few days though traded volumes have been low, according to market sources.