IREDA shares dive 7% today; here’s what analysts are saying
Shares of Indian Renewable Energy Development Agency (IREDA) Ltd recorded a sharp drop in Friday’s trading session, sliding 7.43 per cent to hit a low of Rs 162.60.
The state-run renewable energy financier has recently allotted 12,14,66,562 equity shares of face value of Rs 10 each, to eligible qualified institutional buyers (QIBs) at an issue price of Rs 165.14 per equity share.
Net-net, the Navratna PSU raised Rs 2,005.90 crore under the QIP by provisions of Sebi ICDR Regulations.
On the technical front, Rs 163 is expected to act as an immediate support level.
Jigar S Patel, Senior Manager (Technical Research Analyst at Anand Rathi), noted that support will be at Rs 163 and resistance at Rs 175. “A decisive move above Rs 175 level…
