Date:09/06/2006 URL: http://www.thehindubusinessline.com/2006/06/09/stories/2006060903201500.htm

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Our Bureau

Bear hammering pushes 131 stocks to new lows

CRASH COURSE: The disappointed share traders at a stock broking firm in Kolkata just after the BSE Sensex closed with a loss of 461 points, almost a six-month low of 9295.81 points on sustained selling - A Roy Chowdhury

Mumbai , June 8

As many as 131 stocks, including the likes of Jet Airways, ING Vysya Bank, Biocon, Reliance Communication Ventures, Karnataka Bank and Oriental Bank, have hit new lows as stocks fell in a heap on Thursday.

The declines have also not spared some of the recent high profile IPOs such as Reliance Petroleum, Sun TV, Punj Lloyd, INOX Leisure and PVR Ltd - all these stocks traded below their issue price on Thursday.

Shares of Reliance Petroleum, which generated the biggest ever response from the public for its recent IPO, was traded at Rs 59.10 on the BSE, lower than the issue price of Rs 60.

The stock managed to close above the issue price at Rs 60.55. The stock was listed above Rs 100 and touched a high of Rs 101.95 on May 11.

Sun TV lost over 45 per cent from its peak of Rs 1,579 on May 11 to trade at Rs 860 on Thursday.

However, the stock closed above the issue price of Rs 875 at Rs 884.25.

Reliance Communications Ventures Ltd, controlled by Mr Anil Ambani, was another stock that crumbled under selling pressure on Thursday.

The stock also recorded its new low when it was traded at Rs 186.40, which is almost half from its high of Rs 374.70 recorded last month.

Jet Airways traded at Rs 601, Biocon (Rs 331), Oriental Bank of Commerce (Rs 160), Union Bank (Rs 96.50), Canara Bank (Rs 196), ING Vysya Bank (Rs 83), Dwarkesh Sugar (Rs 103), Jindal Stainless (Rs 118), Prithvi Info (Rs 263), Piramyd Retail (Rs 85.20), Essel Propack (Rs 61) were among the major stocks that recorded their new lows on Thursday.

Among the recent IPOs, several companies were trading below their issue price on Thursday. This included Punj Lloyd at Rs 690 (issue price at Rs 700), Gitanjali Gems Rs 124.90 (issue price Rs 195), Adhunik Metaliks Rs 27.55 (issue price Rs 37), Emkay Stocks and Shares Rs 59.10 (issue price of Rs 120), Plethico Pharmaceuticals Rs 261 (issue price of Rs 300) and Kewal Kiran's Rs 153.50 (issue price of Rs 260).