IRB Infrastructure Shares Tank After Multiple Large Trades
The stock dropped as much as 12.38% during the day to Rs 63.70 apiece on the NSE.
Shares of IRB Infrastructure Developers Ltd. plunged over 12% on Thursday after the multiple large trades on the bourses. The buyers and sellers of the trades were not known immediately.
Approximately 10.5 crore shares or a 1.73% stake changed hands in 16 large trades on the National Stock Exchange at a price between Rs 64.25 and Rs 66.7 apiece, according to the data on the exchanges.
The BSE also recorded the same number of large trades, with a total of 25.1 shares amounting to a 4.2% stake in the company. The prices were in the range of Rs 67.24 and Rs 63.4 apiece.
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On the NSE, IRB's stock dropped as much as 12.38% during the day to Rs 63.70 apiece, the lowest since May 14. It was trading 8% lower at Rs 66.90 per share, compared to a 0.48% decline in the benchmark Nifty at 10:39 a.m.
The share price has risen 61.13% on a year-to-date basis and 134% in the last 12 months. The total traded volume so far in the day stood at 8.17 times its 30-day average. The relative strength index was at 46.19.
Six out of the nine analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 7.9%.
