Indian Renewable Energy Development Agency (IREDA) Limited shares fell sharply today (July 16). This happened after domestic brokerage Philip Capital gave IREDA a “sell” tag and predicted a significant decline in the stock.
The share price of the PSU share opened with a downward at ₹288.70 on the NSE. The stock fell to an intraday low of ₹273.15 per share within minutes of the market opening.
Although IREDA reported solid Q1FY25 results, Philip Capital maintained its “sell” tag on the PSU stock and predicted a significant decline in IREDA shares. For the past four sessions, IREDA stock has increased.
“Higher exposure to the private sector and high proportion of the vulnerable portfolio do not provide confidence for low credit costs in the medium term,” the brokerage stated.
As of 11:30 am, IREDA shares were trading 3.52% lower at ₹279.50 on the NSE.
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