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HomeMarket NewsIREDA shares fall to a new low as stock correct nearly 60% from its peak
IREDA had issued shares at a price of ₹165.14 as part of its QIP in June, through which it had raised ₹2,000 crore. The stock is trading below those levels.
Shares of Indian Renewable Energy Development Agency (IREDA) are down over 2% on Friday, December 5, extending their losing streak for the seventh day running.
In fact, the stock has declined in 13 out of the last 14 trading sessions. During this period, the stock has corrected over 11%.
With this fall, shares of this state-run renewable energy financier have corrected 58% from their all-time high of ₹310, which it had surged to back in July 2024. At its record high, the stock was up nearly 10x from its IPO price of ₹32 apiece.
Even after correcting significantly from the highs, shares are still up over 4x from their issue price.
CNBC-TV18 had reported last month that the company is looking to raise another ₹3,000 crore through a Qualified Institutional Placement (QIP). The update comes just five months after the company had raised ₹2,000 crore through a QIP in June. The company had issued shares at a price of ₹165.1 per share, and is trading below those levels currently.
In an interaction with CNBC-TV18 back in July, IREDA CMD Pradip Kumar Das said that the second tranche of the fund raising will be completed subject to market conditions and demand. LIC was allotted 50% of the shares issued during the June QIP.
At the end of the September quarter, the government had a 71.76% shareholding in IREDA.
Shares of IREDA are trading 2.8% lower at ₹132.94, making a new 52-week low on the stock. The stock has declined 41% so far in 2025.
