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Business News/ Markets / Stock Markets/  ideaForge share: Drone stock hits new low, dips 30% in three month after dream debut. Experts see more correction
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ideaForge share: Drone stock hits new low, dips 30% in three month after dream debut. Experts see more correction

ideaForge shares listed around ₹1300 in July 2023, delivering more than 100% return to allottees against the issue price of ₹638 to ₹672 per equity share

ideaForge share price may go down towards ₹850 apiece levels in near term, believe stock market experts. (Photo: Courtesy ideaForge Technologies Ltd)Premium
ideaForge share price may go down towards 850 apiece levels in near term, believe stock market experts. (Photo: Courtesy ideaForge Technologies Ltd)

ideaForge share: The initial public offering (IPO) of ideaForge Technologies Limited were launched in last week of June 2023. The book build issue was offered at a price band of 638 to 672 per equity share. The public issue received strong response from investors and it listed at whopping listing premium on BSE and NSE in July 2023. 

ideaForge shares listed on BSE at 1,305 levels whereas it listed on NSE at 1,300 apiece levels, delivering over 100 per cent return to the lucky allottees. However, after dream debut on Dalal Street, this drone stock has remained an ideal 'sell on rise' stock in the Indian stock market in the lst three months.

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ideaForge share price today opened higher at 933 apiece levels on NSE but profit booking trigered within few minutes of stock market's opening bell today. After sell off trigger, ideaForge shares went on to hit intraday low of 917.45 per share on NSE, which is new life-time low of the drome maker company share.

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On why ideaForge shares are nosediving, Arun Kejriwal, Founder at Kejriwal Research and Investment Services said, "ideaForge Technologies IPO was overhyped and hence it witnessed heavy profit booking after dream debut on Dalal Street. Now, the stock has two kinds of buyers — those who got ieeaForge shares through allotment process before listing and those who bought shares post-listing. Allottees are still in profit as the issue was priced at 672 per share (upper price band). So, there is nothing wriotn with valuations of the public issue. We can say that ideaForge share price is balancing with the fair value of the stock and it may continue to maintain this trend till Q2 results 2023."

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Kejriwal said that bearish or bullish trend in ideaForge shares can be assumed on the basis of second quarter results of the company for current financial year.

ideaForge share price target

Expecting more downside in ideaForge shares, Sumeet Bagadia, Executive Director at Choice Broking said, "ideaForge shares are looking weak on chart pattern. There can be more downside in this drone stock and it may go towards 850 apiece levels in near term. Buying is advised only when the stock sustains above 850 apiece levels and breaches its current resistance placed at 975 on closing basis."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Updated: 26 Sep 2023, 01:10 PM IST
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