IREDA Shares Witness Second Consecutive Decline, Down by 7.78% Today

IREDA Shares Witness Second Consecutive Decline, Down by 7.78% Today

VoM News Desk | December 26, 2023 | 01:17 PM IST | Breaking News | Follow on Google News

IREDA Shares Witness Second Consecutive Decline, Down by 7.78% Today

IREDA Shares Witness Second Consecutive Decline, Down by 7.78% Today

In today’s trading session, IREDA shares recorded a decline of 7.78%, reaching ₹101.30 per share. This marks the stock’s second consecutive day of descent from its all-time high of ₹123.20 per share achieved on December 14. Since attaining this peak, the stock has undergone a decrease in value by 16.70%. Investors have been capitalizing on profits following a significant surge post-listing.

Commencing its market journey on November 29 at ₹60 per share, significantly higher than its issue price of ₹32, IREDA observed an astounding 105.33% surge within a mere two weeks post-listing. Presently trading at ₹102 per share, the stock stands at a remarkable 219% premium over its IPO price. During the IPO phase from November 21 to 23, the company witnessed substantial demand, boasting an impressive subscription rate of 38.8 times.

Established in 1987, IREDA, an NBFC, focuses on providing innovative financing in Renewable Energy (RE), energy efficiency, conservation, and environmental technologies. As a Government of India enterprise under the Ministry of New and Renewable Energy (MNRE), IREDA holds a significant share in the RE sector among power financing NBFCs.

Furthermore, the company launched a retail division on December 08, aiming to provide loans under the PM-KUSUM scheme, Rooftop Solar, and other Business-to-Consumer (B2C) sectors.

Comparatively, other competitors in the sector, like Power Finance Corporation and Rural Electrification Corporation (REC), have also observed significant surges this year. Power Finance Corporation witnessed a remarkable 246% surge, while REC saw a surge of 256%. This surge in power stocks is attributed to increased power demand amid rising economic activities, proving beneficial for power sector financing companies.

VoM News Desk

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