Reliance Power on, sectoral stocks go off

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Almost all power sector stocks on Tuesday plunged by 2-3 per cent on the Bombay Stock Exchange amid a overwhelming response to a mega initial public offering by Anil Ambani group’s Reliance Power.

Reliance Energy, the parent company of Reliance Power, could not remain unscathed in a broad based selling on the bourse. The BSE power index on Tuesday fell 2.45 per cent to 4,632.27 points, touching an intra-day low of 4,603.18 points.

All the stocks on the power index ended the day deep in red except Crompton Greaves and Tata Power, which managed to stay afloat.

Reliance Power IPO received a robust response from investor on the first day with the issue getting oversubscribed by more than 10 times.

Reliance Energy plunged over four per cent to close at Rs 2,364.55, down 4.42 per cent.

NTPC and Suzlon Energy were the other major losers falling nearly four per cent. State-run NTPC settled at Rs 274, down 3.84 per cent, while Suzlon Energy ended at Rs 2,046.25, falling 3.95 per cent.

Torrent Power, Power Grid Corporation of India (PGCIL) and Siemens Ltd fell 4.44, 3 and 2.14 per cent respectively.

Only power stocks that remained in the green were Crompton Greaves that ended 3.78 per cent up at Rs 379.90 and Tata Power closing with a gain of 0.95 per cent at Rs 1,546.35.