IREDA Shares Locked At Lower Circuit After Seven-Day Rally
The stock fell as much as 9.98% during the day to Rs 108.30 apiece on the NSE.
![<div class="paragraphs"><p>Rooftop solar panels, image for representation (Source: Nuno Marques via Unsplash)</p></div>](https://media.assettype.com/bloombergquint%2F2023-12%2F8182aeab-df11-45cc-8431-3d40159a8549%2Fnuno_marques_0GbrjL3vZF4_unsplash.jpg?rect=0%2C0%2C3843%2C2162&auto=format%2Ccompress&w=200)
Shares of Indian Renewable Energy Development Agency Ltd. hit a lower circuit of 10%—the most since its listing—on Friday.
The stock has now surged more than 250% over its initial public offering price of Rs 32 per share in a post-listing rally in the first government-owned company going public in 18 months since Life Insurance Corp.
Investor interest in shares of the state-owned green-energy financier reflects demand for public-sector stocks. The NSE Nifty PSE Index has surged nearly 69% on a year-to-date basis compared with a 16% rise in the benchmark Nifty 50.
IREDA made its debut in the exchanges on Nov. 29 and marked a stellar closing of a premium of 87.5% over the issue price of Rs 32 per share.
![IREDA Shares Locked At Lower Circuit After Seven-Day Rally](https://media.assettype.com/bloombergquint%2F2023-12%2F539ce073-c76e-40bc-8988-853413f6b723%2FIREDA__1_.png?auto=format%2Ccompress)
IREDA's stock fell as much as 9.98% to Rs 108.30 apiece on the NSE compared to a 0.68% advance in the benchmark Nifty 50 as of 12:34 p.m.
The total traded volume so far in the day stood at 0.8 times its 30-day average.