IREDA shares drop over 1% as RBI rejects its request for equity investment in Nepal's 900 MW Upper Karnali Hydropower Project

Indian Renewable Energy Development Agency Ltd (IREDA) shares dropped over 1 percent in early trade on Monday after the Reserve Bank of India (RBI) rejected the state-owned company's request for equity investment in Nepal's 900 MW Upper Karnali Hydropower Project.

The company in an exchange filing said, "This is to inform you that the RBI vide letter dated March 7, 2025, has not acceded to the request of the Company for equity investment for development and implementation of 900 MW Upper Karnali Hydro Electric Power project in Nepal."

"The Company will represent again to the RBI in this regard," it added.

The shares of the company dropped to an intraday low of Rs 147.2 per share on the NSE. Later it pared some of its losses to to quote at Rs 148.7 apiece, down by 0.59 percent.