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IFCI shares slide again, falling more than 4.5% in a session
The stock has shed nearly 14% across two straight sessions after a sharp run, with traders citing support around ₹80.
IFCI shares fell for a second consecutive session on Wednesday, extending a pullback that follows a recent rally. LiveMint Markets said the stock dropped more than 4.5% to an intraday low of ₹88.40, after previously crashing almost 10% the day before.
The outlet reported that IFCI has lost nearly 14% in just two consecutive sessions as investors booked profits after the stock surged on renewed buzz around an NSE IPO. The article noted IFCI’s indirect exposure to the National Stock Exchange through Stock Holding Corporation of India, with IFCI holding a controlling stake in SHCIL, which owns more than 4% of the NSE.
LiveMint Markets also highlighted the magnitude of IFCI’s earlier momentum, saying the shares gained 72% over the last six months and reached a 52-week high of ₹107.45 on 4 September. The stock previously traded at a 52-week low of ₹46.20 on 9 December, and it recorded cumulative gains of 87% from April through August.
Technical commentary in the article pointed to potential stabilization levels, with analysis suggesting support near ₹80, while the stock corrects after hitting the top of its recent range. It also cited the view that the selloff may reflect consolidation rather than a trend reversal, though no additional fundamentals were provided.