IREDA share price tanks 10% after gaining 100% since listing
₹108.30 apiece on the back of profit booking. The stock was listed on the Indian exchanges on November 29 at a price of ₹60 apiece, an 87.5% premium over the issue price of ₹32. It continued the same upward trajectory for the next 11 sessions, achieving a record high of ₹123.30 apiece.
Taking the stock's previous closing price of ₹120.30 apiece, the stock gained 100% over its listing price of ₹60. Also Read: IREDA share price hits all-time high, up 218% from its issue price The remarkable rally caught the attention of the National Stock Exchange (NSE), prompting it to seek clarification from the company on December 14. The company on the same day replied that it has no positive information or any other material information to disclose that could impact the trading activity or volume behaviour.
"The volatility in the price and volume in IREDA’s shares is completely market driven," the company said in an exchange filing. On December 08, the company launched a retail division for providing loans under the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors. Also Read: Green energy stocks to profit from the end of the oil age IREDA is an NBFC established in 1987 to provide innovative financing in RE and energy efficiency, conservation, and environmental technologies.
It is a wholly owned Government of India (“GoI") enterprise under the administrative control of the Ministry of New and Renewable Energy (the “MNRE"). Among power financing NBFCs, the company has the largest share of credit towards the RE sector other than Power Finance Corporation, which is also present in sectors such as infrastructure, roads, mining, and others, while the company is completely focused on the RE sector. Also Read:
. Read more on livemint.com
