Retail investors rush to unload IPCL

DALAL STREET SPIKES

Indian Petrochemicals Corporation (IPCL) witnessed aggressive selling from retail investors who got the new allotment of shares.

Market sources said, today's fall was because of huge unloading from players, especially retail investors due to the huge premium between the price of the allotted shares and the prevailing market price.

Market participants are cashing in to make a good profit by selling the new shares in the open market.

The cut-off price for IPCL was fixed at its floor price of Rs 170 per share, while retail investors got the share at a 5 per cent discount to the cut-off at Rs 161.50, which was a over 16.5 per cent discount to today's intra-day low of Rs 185.65. The stock was down 6.21 per cent from its previous close of Rs 205.