India’s biggest flotation, Reliance Power, saw its stock plunge 17 per cent at the end of its first day’s trading on Monday. At its sale price – where investors snapped up $3bn of shares – founder Anil Ambani might have been declared the richest man in the world. As it is, Lex simply reminds that Reliance has neither an operating history nor meaningful earnings. “It was priced (richly) as Indian equities surged.”

This entry was posted by Paul Murphy on Tuesday, February 12th, 2008 at 5:34 and is filed under Capital markets. Tagged with Reliance Power. Edit this entry.