This marks a 67 per cent drop over the previous fiscal when 49 rights issues had entered the market, raising Rs 1,703 crore. More significantly, the mobilisation in 1998-99 works out to a meagre 4 per cent of the amount which was raised in the boom year of 1992-93. The decline, in fact, has now been consistent over the years. The continuing fall in the rights mobilisation, according to Haldea, can be ascribed mainly to the lack of investors' confidence and to the subdued secondary market. The investors' apathy is a major factor for the current state of the market.