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.
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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.
IREDA's stock fell as much as 9.98% to Rs 108.30 apiece on the NSE compared to a 0.68% advance in the benchmark Nifty 50 as of 12:34 p.m.
The total traded volume so far in the day stood at 0.8 times its 30-day average.
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