{"id":304,"date":"2010-05-14T00:10:14","date_gmt":"2010-05-13T18:40:14","guid":{"rendered":"http:\/\/greenworldinvestor.com\/?p=304"},"modified":"2010-05-14T00:10:14","modified_gmt":"2010-05-13T18:40:14","slug":"indias-junk-ipo-market-real-estate-ipo-nitesh-plunges-6-on-listing","status":"publish","type":"post","link":"https:\/\/iiec-india.org\/greenworld\/2010\/05\/14\/indias-junk-ipo-market-real-estate-ipo-nitesh-plunges-6-on-listing\/","title":{"rendered":"India&#039;s Junk IPO Market &#8211; Real Estate IPO Nitesh Plunges 6% on Listing"},"content":{"rendered":"<p>India has been hit with a wave of extremely low quality IPOs in the recent past . These offerings have extremely poor fundamentals and plunge immediately after listing or <a href=\"http:\/\/greenworldinvestor.com\/2010\/05\/11\/india-junk-ipo-market-texmo-pipes-seems-a-classic-case-of-pump-and-dump\/\">become a case of &#8220;pump and dump&#8221; <\/a>. <a href=\"http:\/\/greenworldinvestor.com\/2010\/04\/23\/low-quality-ipos-sign-of-a-market-top\/\">Nitesh Estates is not only<\/a> belongs to the\u00a0<a href=\"http:\/\/greenworldinvestor.com\/2010\/04\/25\/why-do-people-invest-indian-real-estate-companies\/\"> almost impossible to value &#8220;real estate&#8221; sector<\/a>,it has a very poor history of defaults,high debt and red ink.No wonder it plunged 6% on its debut today.<\/p>\n<h3><a href=\"http:\/\/economictimes.indiatimes.com\/markets\/stocks\/stocks-in-news\/Nitesh-Estates-plunges-6pc-on-debut\/articleshow\/5927065.cms\">Nitesh Estates plunges 6pc on debut &#8211; Economic Times<\/a><\/h3>\n<blockquote><p>The Bangalore-based realty firm Nitesh Estates tanked nearly 6 per cent on  the BSE over its issue price on the day of its listing today.<\/p>\n<p>Shares of Nitesh settled down 5.68 per cent at Rs 50.95 on the Bombay Stock  Exchange, over the issue price of Rs 54. During the day the stock fell by 11 per cent  to touch an intra-day low of Rs 48.05. On the NSE the Nitesh counter closed down  5.18 per cent at Rs 51.20.<\/p>\n<p>This is despite the fact that main indices gained nearly half-a-percentage point today and especially the BSE Realty Index  was one of the biggest gainers today. A total of 3.80 crore Nitesh shares  changed hands on both the bourses.<\/p>\n<p>Meanwhile, despite the poor show, BSE decided to add Nitesh in its IPO Index effective May 17,a BSE statement said.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>India has been hit with a wave of extremely low quality IPOs in the recent past . These offerings have extremely poor fundamentals and plunge immediately<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","content-type":"","footnotes":""},"categories":[32,39],"tags":[3157,3267,3435],"class_list":["post-304","post","type-post","status-publish","format-standard","hentry","category-ipo-indian-capital-markets","category-real-estate-and-construction","tag-ipo-indian-capital-markets","tag-junk","tag-listing"],"_links":{"self":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/comments?post=304"}],"version-history":[{"count":0,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/posts\/304\/revisions"}],"wp:attachment":[{"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/media?parent=304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/categories?post=304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iiec-india.org\/greenworld\/wp-json\/wp\/v2\/tags?post=304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}