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Monday, February 11, 2008

A Nightmare on the Dalal Street

Anil Ambani would have surely watched the 1984 Hollywood cult horror movie, Nightmare on the Elm Street. If he hasn't, then he should watch it at least now. Because, he is getting more terrific dreams than "a man with razor fingers." And the reason is simple. The Greatest IPO of India, Reliance Power, has fallen and broken its neck in the fall.

"India on, Power on" was brought out to make a change over in the perception of Indian's to IPOs. It is reported to be the costliest marketing ever for an IPO (sources put it to as close as 27 crores of rupees). What seemed to be a safe-bet has been turned out to be a huge flop.

The issue price of Reliance Power was Rs.450. It was listed today morning at a 4.5% lower price of Rs.430. During the first day at Sensex, it went down till Rs.390(-13.33%) before returning back to a decent(?) price of Rs.420(-6.6%).

What went wrong? Well, lot of things. Read about it in CNN-IBN. (Mind you, it's too technical!!). Anyway, it can declared unanimously that Reliance Power is the first prey of the recent frenzy Dalal Street.

As a child who attends the first day at school, Anil Ambani will be crying in the privacy of his house. It's a pity that the Ambani Sr. is not there to pity him. Maybe, Mukesh (once upon a time, he was the richest man on earth!!) can comfort him a little.

Anyway, along with the nightmares, the ringing bell is going haunt the "poor" Ambani in the coming days. I have only one advice. Put the blame on others (especially Manmohan, Chidambaram, Damodaran and their minions) and pray to God!

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