IREDA Crisis: 3 days of lower circuits, no buyers?
IREDA’s Downfall
In the last three days, IREDA’s shares have consistently hit a 5% lower circuit, creating a wave of concern among investors. Previously, the shares were reaching a 52-week high, generating significant enthusiasm.
However, now, as the shares continue to decline, no one seems ready to buy. More than 2 crore shares are on the sell order. On Friday, IREDA’s shares closed at a 5% lower circuit at ₹179.60. Over the last three days, the shares have seen a decline of about 13%.
52-Week Performance
IREDA’s shares have seen a 52-week high of ₹214.80 per share, while the 52-week low was at ₹50 per share. Notably, the company went public in November last year, with its shares listed at ₹60 per share on November 29. The IPO price band was set at ₹30-₹32 per share.
Triple Profit in Two Months
After listing on the stock market, IREDA’s shares provided a triple return in two months, moving from ₹60 to ₹214. This period saw a return of approximately 250%. Within a month, the shares delivered a return of more than 70%. However, a 12.30% decline has been observed in the last five days. IREDA’s price-to-equity ratio stands at 35.67%.
Lack of Buyers for IREDA Shares
For the past three days, IREDA’s shares have continuously faced declines, leading to investors rushing to sell, but finding no buyers. Approximately 2 crore shares are pending in sell orders.
Are You Stuck Too?
If you’ve bought shares around ₹200, you might have already faced significant losses. It’s currently unclear when the lower circuit on IREDA’s shares will break.
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IREDA is renewable energy share. So investors (long term) should try not to panic. As we all know shares can’t move in any one direction. And profit booking is necessary. I believe, it will definately come back to give good returns and new 52 week high.