PSU Stock alert: IREDA shares plunges over 5% after entering F&O stock
Six of the last seven months have seen negative returns from the shares.
PSU Stock alert: IREDA shares plunges over 5% after entering F&O stock
Early on Friday, February 28, Indian Renewable Energy Development Agency Ltd. shares were down more than 5%. Since the beginning of the March series, the stock has been trading as a Futures & Options (F&O) stock. The stock had increased in four of the previous five trading sessions before Friday's decline.
Along with this decline, the stock saw a 20% correction in February, the biggest decline the state-run stock has experienced in a single month since becoming public in December 2023. In January, the stock had also dropped more than 6%.
Six of the last seven months have seen negative returns from the shares.
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The fall on Friday has also meant that shares of IREDA are now down 50% from their post-listing high of Rs 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 Rs 32.
Within a few days, the stock jumped to a high of Rs 214 before correcting back to levels of Rs 100 in March 2024. Between March and July 2024, the stock nearly tripled, making an all-time high of Rs 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. Shares of IREDA are currently trading 4% lower at Rs 159.85, having made an intraday low of Rs 156.
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