Shares of IRB Infrastructure Developers Ltd dropped over 10%, extending their decline for the second consecutive session after multiple large trades on the NSE, with a total of 6.64% stake or 40.15 crore shares changing hands.
The buyers and sellers were not immediately known. A total of 23 large trades occurred on the NSE at prices ranging from Rs 64.1 to Rs 66.49.
The stock hit its lifetime high of Rs 78.15 on Friday and has fallen over 24% since then.
Earlier this month, the National Highways Authority of India's announcement of a 5% hike in toll rates, effective from June 3 across India, drove the rally in the stock.
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The stock fell as much as 10.21% to Rs 63 apiece, the lowest level since June 5. It pared losses to trade 6.94% lower at Rs 65.33 apiece as of 11:08 a.m., compared to a 0.28% advance in the NSE Nifty 50 Index.
Year-to-date, the stock has risen 57.28% and has gained 143.09% in the last 12 months. Total traded volume on the NSE so far today stood at 8.80 times its 30-day average. The relative strength index was at 45.53.
Of the nine analysts tracking the company, six maintain a 'buy' rating, one recommends a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 10.7%.
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