Coming as a setback for the promising NBFC stock – the IREDA – National Stock Exchange (NSE) has revoked its inclusion in several key indices.
The IREDA stock fell 3.2% to quote Rs 125.2 apiece on the NSE in the early morning trade on Wednesday.
Further, the market cap of the firm also fell to Rs 33,664 crore in the current session against Rs 34,766 crore in the previous session.
The National Stock Exchange (NSE) has revoked the inclusion due to firm’s non-compliance with SEBI portfolio concentration norms.
“As IREDA breached one of the requirements of SEBI Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds related to impact cost, the committee has decided to revoke its earlier decision to include IREDA announced on February 28, 2024,” said the NSE in a press release.
The decision was to come into effect from March 28, 2024, however, the counters being excluded following IREDA’s entry will now remain a part of the indices.
After the NSE move, the IREDA will no longer be included in the Nifty 500, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty LargeMidcap 250, Nifty MidSmallcap 400, Nifty Total Market and the Nifty500 Multicap 50:25:25 indices.
IREDA was on a downtrend for the past few weeks, having crashed over 40% from 52-week high of Rs 215, touched on February 6, 2024.
IREDA had launched its IPO in November 2023, and its shares made a strong listing debut, yielding a gain of 87.50%. IREDA shares stock debuted at Rs 60 on both the NSE and the BSE, compared to the issue price of Rs 32.
V-Guard Industries, which was excluded for making place for IREDA stock, will now remain a part of the Nifty 500, Nifty Smallcap 250, and Nifty MidSmallcap 400.
