With this fall, the stock has also corrected over 20% in the month of February, which is the steepest fall that the state-run stock has seen in a month since its listing in December 2023. The stock had declined over 6% in the month of January as well.
IREDA’s shares have delivered negative returns in six out of the last seven months so far.
The fall on Friday has also meant that shares of IREDA are now down 50% from their post-listing high of ₹310, which it had hit on July 15 last year.IREDA was one of the last listings on the bourses in 2023, having made its stock market debut at an IPO price of ₹32. Within a few days, the stock jumped to a high of ₹214 before correcting back to levels of ₹100 in March 2024.
Between March and July 2024, the stock nearly tripled, making an all-time high of ₹310 in July. At its all-time high, the stock was up nearly 10x from its IPO price.
On the charts, the stock trades well below its 50, 100 and 200-Day Moving Averages. The Relative Strength Index (RSI) of the stock is also at 34. An RSI reading below 30 means that the stock is in “oversold” territory.
Only two analysts have coverage on IREDA. ICICI Direct has a “buy” rating on the stock with a price target of ₹250, while Phillip Securities has a price target of ₹150 on the stock with a “sell” rating.
Shares of IREDA are currently trading 4% lower at ₹159.85, having made an intraday low of ₹156.
First Published: Feb 28, 2025 9:29 am IS
