@KeyurRajkot @Mr. Singh , if the listing is at 29 Rs, then the order will execute at 29 Rs.
Now, lets says if somebody has sold at 50 Rs premium in grey market.
Now - that person would get 50 + (291 - 29) from the grey broker and this will be tax free income as you can get this amount in any family members account or even in cash.
Also - at the same time you will get a capital loss of (291 - 29) which you can offset with any of your profit.
Anyways, 29 was just an example. We all know it won't list 90% down.
But for a grey market seller, the lower the listing the better it is.
Hope this clarifies your doubt.