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IREDA Share: Investors Beware! Stock Plummets by Over 28% in a Month

Indian Renewable Energy Development Agency (IREDA) has seen a significant decline of over 28% in its stock value in the past month. Today, the stock is trading with a 4% weakness. This decline comes following a recent development regarding IREDA's inclusion in several key indices by the National Stock Exchange (NSE), which has now been reversed.


The decision to exclude IREDA from these indices stems from non-compliance with SEBI portfolio construction rules, particularly related to equity exchange-traded funds (ETFs). NSE's statement indicates that IREDA violated these rules, leading to the reversal of its inclusion in the indices.

As per the earlier announcement by the Exchange's Index Maintenance Subcommittee (Equity), made on February 28, 2024, IREDA was slated to be included in various indices. However, following NSE's recent decision, IREDA will not be part of indices like Nifty 500, Nifty Midcap 150, Nifty Midcap 100, and others. Instead, stocks previously excluded from these indices will remain excluded, while others, like V-Guard Industries, will retain their inclusion.

IREDA's listing took place in November last year, with an issue price of ₹32 per share. Since then, it reached a high of ₹214.8 per share, a remarkable ascent within just 50 trading sessions. However, this peak has been followed by a significant decline, with the stock losing nearly 42% of its value.

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