intrinsic value query

hi all ,
i m a beginner to options still trying to understand its ways , so i learned that every option is made of intrinsic and time value , for a put option the value of intrinsic part is strike - current value , thats wat i read .
so on 6 sep 2012 , the september put option with 5500 strike is in the money.

now
06-Sep-2012 open260.70 high264.00 low221.95 close243.70
is its values and nifty closed at 5238.4 for tat day
so my strike - current would be 5500 - 5238.4 = 261.6 , this has to be its intrinsic value , so why is my option below the intrinsic value , shouldnt it be more than that , adding hope value as well??

where am i going wrong . kindly help

so is it not like this
put option price = strike -stock ( this has to be the minimum value of the option) which is in the money .
then comes the vega and thetas that constitutes the other part

so here 5500 - 5238.4 = 261.6 , should that not be the minimum value of the option by which it is "in the money" and volatility and theta get added to that ?? but here it is even below the in the money part , can you pl explain in brief a bit, i am finding difficult to understand