IREDA shares trading below their lowest price target; what next for the PSU?
Shares of Indian Renewable Energy Development Agency (IREDA) Ltd. fell as much as 9% on Monday, March 3, extending its losses for the third straight session. The stock has declined in four out of the last five trading sessions.
The state-run renewable energy financier has now lost 16% in the last three trading sessions, and has more than halved from its peak.
As of July last year, IREDA shares had made an all-time high of ₹310, which was nearly 10x from its IPO price of ₹32. The stock is now down 53% from those levels.
IREDA is also a new entrant in the Futures & Options (F&O) space and has continued to trade lower since its entry. The stock has delivered negative returns in six out of the last seven months. Shares fell nearly 25%…
