KPI Green Energy Stock Slips Nearly 5% On Discounted QIP Price

Shares of KPI Green Energy Ltd. fell nearly 5% on Tuesday as it launched a qualified institutional placement at a discounted price to raise up to Rs 300 crore.

The solar company's board has set the floor price for the issue at Rs 1,245 apiece, a discount of 9.64% from its previous close on the NSE, according to an exchange filing.

KPI's stock fell as much as 4.85% during the day to Rs 1,311 apiece on the NSE. It was trading 3.51% lower at Rs 1,329.50 apiece compared to a 0.1% decline in the benchmark Nifty 50 at 11:09 a.m.

The share price has risen 204.47% on a year-to-date basis. The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 65.