IREDA Shares Locked At Lower Circuit After Seven-Day Rally

Shares of Indian Renewable Energy Development Agency Ltd. hit a lower circuit of 10%—the most since its listing—on Friday.

The stock has now surged more than 250% over its initial public offering price of Rs 32 per share in a post-listing rally in the first government-owned company going public in 18 months since Life Insurance Corp.

Investor interest in shares of the state-owned green-energy financier reflects demand for public-sector stocks. The NSE Nifty PSE Index has surged nearly 69% on a year-to-date basis compared with a 16% rise in the benchmark Nifty 50.

IREDA made its debut in the exchanges on Nov. 29 and marked a stellar closing of a premium of 87.5% over the issue price of Rs 32 per share.