On Monday, shares of the Indian Energy Exchange, NSE: IEX, continued to decline for the seventh session in a row. The stock started off in the green but gave in to selling pressure and turned red amid rumours that the Dalmia Group could reduce its investment.
A brief about Dalmia Group plans to reduce its stake, sending IEX shares down 5% and the stock down 41% year to date
Around 2:30 PM, the counter traded on NSE at Rs 135.85, a 4.97% decline. Around this period, 52.72 lakh shares were exchanged.
According to a study by ET Today, IEX has broken below the 50- and 100-DMA levels and has delivered a breakdown from the chart’s “upward sloping support trendline.”
According to an ET Today article, Dalmia Group intends to eventually sell its remaining shares in the business. Via 3 entities, the group has a 14.81 percent state in IEX.
Investor wealth has been diminished by the stock’s 11.63% decline over the past seven sessions. After a 2:1 bonus was paid on December 3, 2021, IEX shares have been trading under pressure. The stock has dropped 41% in the past year, compared to the Nifty50’s 0.81 percent fall.
The leading energy exchange in India is called IEX, and it offers a national automated trading platform for the actual supply of power, renewable energy, and certificates.
On April 7 of last year, the 52-week high for IEX shares was Rs 251.50. The price reached a 52-week low of Rs. 129.25 on December 26 of last year. The market capitalization of the corporation with its headquarters in New Delhi is Rs. 12,09,000 crore.