Rs 250 cr stuck in grey market

According to dealers in the know, the Reliance Power IPO had generated deals worth Rs 2,500 crore in the grey market, of which nearly 90 per cent were settled till Wednesday.  However, with the Reliance Power stock now struggling even to close above the Rs 350 level against the issue price of Rs 450 after three days of listing, some of the clients are refusing to pay, according to sources.  The stock was quoted at a premium of over Rs 400 in the grey market until the issue closed for subscription on January 18.