TEN YEARS OF RELIANCE POWER LISTING
The Anil Ambani-led Reliance Power completed a decade since its public listing on the exchange. The scrip created ripples in the market for enjoying a valuation higher than existing power generation companies. On February 11, 2008, the companymade its debut on the exchanges with a listing price of~232.7 per share. The stock, however, was on a steadydownfall. Nowthe price is at~47.4 per share. The company's stock performance left the Streetwondering if itwas over-priced or if the existing power companies' stocks were under-valued. But, itwas not long before the initial optimism fizzled out. A bullish outlook on India’s energy storyand R-Power’s mega expansion plans drove the aggressive pricing. R-Power had projected an ambitious capacity ofmore than 28,100 megawattby 2016. At present, the companyoperates at a total capacity5,945 Mw. Part of its capacity addition plans, two of the three ultra-mega power plants thatR-Power won through competitive bidding, never sawthe lightof the day due to various reasons including land acquisition and coal supply issues.