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May 14, 2010India has been hit with a wave of extremely low quality IPOs in the recent past . These offerings have extremely poor fundamentals and plunge immediately after listing or become a case of “pump and dump” . Nitesh Estates is not only belongs to the almost impossible to value “real estate” sector,it has a very poor history of defaults,high debt and red ink.No wonder it plunged 6% on its debut today.
Nitesh Estates plunges 6pc on debut – Economic Times
The Bangalore-based realty firm Nitesh Estates tanked nearly 6 per cent on the BSE over its issue price on the day of its listing today.
Shares of Nitesh settled down 5.68 per cent at Rs 50.95 on the Bombay Stock Exchange, over the issue price of Rs 54. During the day the stock fell by 11 per cent to touch an intra-day low of Rs 48.05. On the NSE the Nitesh counter closed down 5.18 per cent at Rs 51.20.
This is despite the fact that main indices gained nearly half-a-percentage point today and especially the BSE Realty Index was one of the biggest gainers today. A total of 3.80 crore Nitesh shares changed hands on both the bourses.
Meanwhile, despite the poor show, BSE decided to add Nitesh in its IPO Index effective May 17,a BSE statement said.
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[…] has been tardy in doing so and the primary Indian stock market continues to be flooded by a wave of low quality junk offerings.Here is the NSE data on the stock since its listing on the July 28,2010 and […]