When things are not in your favour nothing works. After a long time the government got the pricing right and that was reflected in the oversubscription of 6.64 overall and retail of 3.11 times. The share listed ok but the weakness in the global markets, fear about the Euro, the concern of recovery in overseas economies all lead to general weakness and SJVN just could not hold on. Even the fact that our markets gave a dead cat bounce after the sharp fall on the previous day was just not enough. The only consolation is the fact that the share is trading higher than the net price of Rs 24.70 which retail investors were allocated at.
The share listed on the NSE and BSE at Rs 27.10 and Rs 28 respectively. These prices were also the highs for the day. Thereafter the share slid continuously and made its lows of Rs 24 on the NSE and Rs 24.15 on the BSE. The share recovered from these levels and traded above par around Rs 26.20-26.30, but sheer selling pressure saw the share giving up and closing in negative territory.
| Exchange | Open | High | Low | Close | Net Change | % gain | Wt Avg | Volume | Delivery | Del % age |
| BSE | 28.00 | 28.00 | 24.15 | 25.05 | -0.95 | -3.65 | 25.43 | 71870453 | 19496184 | 27.13 |
| NSE | 27.10 | 27.10 | 24.00 | 25.10 | -0.90 | -3.46 | 25.43 | 135359993 | 46174554 | 34.11 |
| Total | 207230446 | 65670738 | 31.69 |
The traded volumes were brisk in terms of number of shares and 20.72 cr shares were traded. In terms of comparison of trading with IPO size it was just about half the IPO size of 41.5 cr shares. The delivery volume was 656.70 lakhs, 31.69% of the traded volume and 15.82% of the IPO size.
Fundamentals of the company are good but in a falling market nothing or atleast logic does not work. I believe one would have to be patient and allow the share and to some extent the market stabilise.
