Blame it on global meltdown, says Reliance Power

MUMBAI: Reliance Power expressed disap-pointment at the listing of its stock on Monday and blamed it on the global capital market meltdown of the past three weeks. ���From the time of the IPO, the Sensex is down 17%, while the Reliance Power stock is down 17% from the IPO price.

A very large number of pivotals, including RIL, ONGC, NTPC, DLF, ICICI Bank, Bhel and L&T have actually all declined in a much larger range of 20-40%,��� a R-Power spokesperson said. R- Power, which had raised $2.9 billion, had a poor stock market debut. It listed at a discount to the IPO price and suffered a 17% fall to end at Rs 372.50. The performance comes in the backdrop of a huge meltdown in stock markets globally.

The spokesperson said R-Power suffered a much smaller erosion in value of about Rs 1,700 crore compared with others . ���The stock has simply been marked-to-market for the decline on the single day of listing,��� the spokesperson said. ���We remain confident of delivering superior long term returns to our over four million shareholders on their in-vestments in the R-
Power IPO,��� the spokesperson added.