Article: Indian stock markets tumble as Reliance IPO is oversubscribed

Report from Indo-Asian News Service brought to you by HT Syndication.

Mumbai, Jan. 15 -- A firm opening in the morning lasted only briefly on Indian bourses, which declined sharply on weak global cues. The overwhelming response to Reliance Power Ltd (RPL)'s initial public offer (IPO) also prompted selling pressure.

The 30-share sensitive index of the Bombay Stock Exchange (BSE) opened at 20,836.47 points, up 0.59 percent and marked a high of 20,872.93, up 0.72 percent.

After witnessing the day's low of 20,203.63 points, down 2.54 percent, the Sensex finally closed at 20,251.09 points, down 2.30 percent.

Reliance Industries gained first place in turnover toppers with Rs.2.86 billion ...

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