SHORT TERM CAPITAL LOSS ON SELL OF SHARES OF PRIVATE COMPANY AND SET OFF AGAINST ANY LTCG

One of my clients has earned a capital gain of amount X in the current financial year from selling residential property. He invested this amount in the shares of a Private Limited Company through Private Placement during the current financial year itself. He has incurred a loss on such shares to the tune of Rs. Y. Is it possible to set off his capital gain from property against Short Term Capital Loss on sell of shares because the value of shares has reduced by 85 % from the price he paid for the acquisition of the same. Private Placement was done at a fair market value decided by a Merchant Banker during  the private placement. The questions are 1. Is set off available ? 2. Is the price of transfer is the price of consideration or price as decided by Merchant Banker is to be taken to compute the profit/loss on sell/transfer ?