Shares of Indian Renewable Energy Development Agency slumped 8 percent in the early trade on April 15 after three domestic mutual funds exited the counter in March.
At 11.16 am, IREDA was trading at Rs 159.95 on the National Stock Exchange (NSE), down 4.4 percent but sharply off its day's low of Rs 153.25.
Kotak Mutual Fund, Nippon India Mutual Fund and ICICI Prudential Mutual Fund exited IREDA in March, Nuvama Alternative & Quantitative Research said in a note, citing data from ACE MF.
None of the three fund houses held more than a 1 percent stake in the company as of the December quarter, as their names did not feature in the public shareholding data on the BSE.
IREDA has not disclosed its public shareholding data for the January-March quarter.
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According to the December quarter shareholding pattern, 15 fund houses collectively held a 2.87 percent stake in IREDA. Following the IPO, the government held a 75 percent stake in the company and foreign portfolio investors 1.88 percent.
IREDA made its market debut in November. The stock galloped to a record high of Rs 214.80 just within three months, marking a nearly seven-fold spike from its IPO price, before it underwent a sharp correction.
Amid heightened scrutiny over small and midcaps in March, the stock lost 10 percent of its value. Its still up over 55 percent year-to-date.
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