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Readymade Steel plunges on FII exit

Friday 15th Jul 2011 138

Mumbai : Readymade Steel India has dipped 9% at Rs 60.20, extending previous session's 39% decline, after the foreign institutional investors (FIIs) sold their entire stake in the company via a bulk deal on the BSE.

The stock had listed at Rs 115 against its issue price of Rs 108 a share on Wednesday, gaining as much as 9% to hit a high of Rs 118 in early trade before seeing a sharp sell-off. It had plunged 44% from the day’s high to close at Rs 66 on the BSE.

“Cresta Fund, the sole FIIs allotted 62,580 shares in initial public offer (IPO) had sold its entire stake via bulk deal on the first day of listing at an average market price of Rs 80.09," the company said in a filing to the stock exchanges.

The stock opened the day at Rs 64.80 and hit a low of Rs 58.25 on the BSE. Around 2.48 million shares have changed hands on the counter till 1008 hours.

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