As of July last year, IREDA shares had made an all-time high of ₹310, which was nearly 10x from its IPO price of ₹32. The stock is now down 53% from those levels.
IREDA is also a new entrant in the Futures & Options (F&O) space and has continued to trade lower since its entry. The stock has delivered negative returns in six out of the last seven months. Shares fell nearly 25% in February, which is the biggest drop in a month that the stock has seen since its listing in December 2023.On the charts, IREDA is now in “oversold” territory, as its Relative Strength Index (RSI) is now at 27. An RSI reading below 30 indicates that the stock is “oversold.”
Recently, shareholders of IREDA also approved the company’s proposal to raise ₹5,000 crore through the Qualified Institutional Placement (QIP) route.
IREDA is only tracked by two analysts, one who is bullish on the stock and the other one who is bearish. The bullish one is ICICI Direct, who has a price target of ₹250 on the stock, while Phillip Securities is the bearish one and the stock now trades below its price target of ₹150.
Shares of IREDA have recovered marginally from the lows of the day, still trading with losses of 5.5% at ₹147.4.
