IFCI shares fall over 9% to ₹92.75 after profit taking
IFCI shares fell over 9% on Tuesday, dipping from ₹102.51 to an intraday low of ₹92.75, even though the stock had just rallied for two days.
This pullback is mostly due to investors cashing in profits after a strong run; IFCI is still up over 9% this week, 28% over the past month, and a massive over 79% so far this year.
SEBI says NSE DRHP nearing approval
A big reason for all the excitement (and volatility) is IFCI's indirect stake in the National Stock Exchange (NSE), thanks to its majority holding in SHCIL, which owns over 4% of NSE.
Investors got especially interested after SEBI Chairman Tuhin Kanta Pandey said the regulator was nearing approval of NSE's draft red herring prospectus (DRHP) for its proposed public offering.
If that IPO goes through, it could affect investor sentiment around the value of IFCI's indirect stake in the stock exchange; no wonder everyone's watching so closely!