SJVNL fell by 4 pc on BSE on debut trade
Shares of state-run Satluj Jal Vidyut Nigam Ltd (SJVNL) today settled nearly four per cent down on its debut trade on the BSE, amid the benchmark index Sensex closing with gains.
By PTI |
MUMBAI: Shares of state-run Satluj Jal Vidyut Nigam Ltd ( SJVNL) today settled nearly four per cent down on its debut trade on the BSE, amid the benchmark index Sensex closing with gains.
After opening firm on the Bombay Stock Exchange, shares of SJVNL later plunged by 3.79 per cent to settle at Rs 25.05. During the trade the stock fell to an intra-day low of Rs 24.15, down 7 per cent, over its issue price of Rs 26.
"The stock is fairly valued at the current level for the investors. This is a sudden reaction by those investors who buy and sell on its first day. The stock will gain strength during the course of the period," CNI Research Chairman Kishor P Ostwal said.
Similar trend was seen on the National Stock Exchange, where the scrip settled at Rs 25, down over 3.85 per cent.
Meanwhile, the 30-share BSE benchmark index Sensex settled up 111.19 points, or 0.68 per cent, at 16,519.68 points.
A total of 20.72 crore shares of SJVNL changed hands on both the bourses.
The government had divested 10 per cent of its 74.5 per cent stake in the company through the initial public offer.
After opening firm on the Bombay Stock Exchange, shares of SJVNL later plunged by 3.79 per cent to settle at Rs 25.05. During the trade the stock fell to an intra-day low of Rs 24.15, down 7 per cent, over its issue price of Rs 26.
"The stock is fairly valued at the current level for the investors. This is a sudden reaction by those investors who buy and sell on its first day. The stock will gain strength during the course of the period," CNI Research Chairman Kishor P Ostwal said.
Similar trend was seen on the National Stock Exchange, where the scrip settled at Rs 25, down over 3.85 per cent.
Meanwhile, the 30-share BSE benchmark index Sensex settled up 111.19 points, or 0.68 per cent, at 16,519.68 points.
A total of 20.72 crore shares of SJVNL changed hands on both the bourses.
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The government had divested 10 per cent of its 74.5 per cent stake in the company through the initial public offer.
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