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Business News/ Markets / Stock Markets/  IREDA share price plunges over 8% as 3 mutual funds exit in March
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IREDA share price plunges over 8% as 3 mutual funds exit in March

IREDA share price plunged 8% as Kotak Mutual Fund, Nippon India Mutual Fund, and ICICI Prudential Mutual Fund exited the state-run corporation in March, per Nuvama Alternative & Quantitative Research.

IREDA share price dropped by over 8% after three domestic mutual funds withdrew from the state-run corporation in March, according to Nuvama Alternative & Quantitative Research.Premium
IREDA share price dropped by over 8% after three domestic mutual funds withdrew from the state-run corporation in March, according to Nuvama Alternative & Quantitative Research.

IREDA share price plunged over 8% on Monday's session following the departure of three domestic mutual funds from the state-run corporation in March. A note from Nuvama Alternative & Quantitative Research, citing data from ACE MF, stated that in March, Kotak Mutual Fund, Nippon India Mutual Fund, and ICICI Prudential Mutual Fund exited from the stock. IREDA share price opened at 159.05 apiece on BSE; the stock touched intraday lows of 153.20 and an intraday high of 161.70. 

As of December 31, 2023, neither of these three fund houses' names are shown in the public ownership data on the BSE, indicating that they each owned less than 1% of the firm.

The shareholding pattern for December indicated that 15 fund firms were owning 2.87% of IREDA. Following the IPO, the government still owned 75% of the company, with foreign portfolio investors (FPIs) owning 1.88%.

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Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One highlighted that the midcap space is under pressure, taking into consideration geopolitical tension. The IREDA stock price as well has slipped sharply in the opening tick; in the near term, the prices may remain under pressure. The next level of support is around 140, which should be seen from a long-term perspective, whereas 170 is resistance. 

Also Read: Bharti Hexacom share price slumps nearly 4% on resignation of two directors post IPO completion

On the other side, Dr. Ravi Singh, SVP - Retail Research at Religare Broking Ltd explained that the IREDA share price is very strong on both technical and fundamental parameters. The company has posted robust growth numbers recently, with a surge in net profit backed by higher income. The technical charts on a daily and weekly basis suggest a strong move ahead. The long-term MAs are in support of the trend, and a target of 190 with a stop loss of 150 is very probable anytime soon.

As on today, IREDA share price has gained 400.9% since its listing on 29 November 2023. The 2,150.21 crore IREDA IPO consisted of a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares. The stock has been soaring since its listing, and was off to a great start this fiscal year 2025.

Also Read: TCS shares among top gainers on Nifty after upbeat Q4 result. Should you buy, sell or hold?

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

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Published: 15 Apr 2024, 09:48 AM IST
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