Indian Renewable Energy Development Agency Ltd.'s inclusion from the National Stock Exchange's key indices has been revoked due to non-compliance with the market regulator's portfolio-concentration norms.
The stock fell as much as 3.83% during the day to Rs 124.40 apiece on the NSE. It was trading 2.67% lower at Rs 125.9 per share, compared to a 0.12% decline in the benchmark Nifty 50 as of 11:14 a.m.
The share price has risen 109% in the last 12 months. The total traded volume so far in the day stood at 0.5 times its 30-day average. The relative strength index was at 36.2.
An analyst tracking the company has a 'sell' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 36.3%.
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