Reliance Power, which rode a wave of investor euphoria to stage India’s biggest initial public offering in January, on Monday blamed the condition of global markets after its stock plunged as much as 21 per cent on its trading debut.

The fall in the shares of the company, whose $3bn IPO sold out within a minute of opening in mid-January, marked a dramatic end to a recent boom in Indian equities issues, which some had compared with the 2000 internet bubble because of a surge in start-up companies listing at rich valuations.