NSE revokes IREDA’s inclusion in key indices on non-compliance with SEBI norms; shares fall 3%

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.

Instead of IREDA, V-Guard Industries will see its exclusion revoked and remain a part of the Nifty 500, Nifty Smallcap 250, and Nifty MidSmallcap 400.

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BSE will be included in the Nifty Midcap 100, Nifty Midcap 150, Nifty 200, and Nifty LargeMidcap 250 as a result of IREDA’s change.

“All other replacements announced on February 28, 2024 shall remain unchanged,” added the exchange.

On March 19, IREDA stock settled lower by 2.67 percent on the NSE at Rs 129.6 per share. The counter has fallen more than 25 percent over the past month.

Since its listing on November 29, after the stock was listed at a 56 percent premium, IREDA shares have gained around 106 percent, more than doubling investors' wealth.

In Q3FY24, IREDA reported a 67.2 percent on-year growth in net profit at Rs 335.5 crore, thanks to robust loan book growth and reduction in bad debt. The non-banking financial institution under the Ministry of New and Renewable Energy saw its revenue surge 44.2 percent on-year to Rs 1252.9 crore, while EBITDA was up 51 percent to Rs 1,154 crore.

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