IRFC Shares Slide 0.67% Intraday Amid Selling Pressure; Weekly Chart Shows Sharp 8% Decline

Mumbai, June 25: Indian Railway Finance Corporation Limited (NSE: IRFC) share price was trading with a mild negative bias on Thursday, at Rs 91.88 in the morning session, down by 0.67% from the previous close at Rs 92.50. The share price intraday high was Rs 92.25 while the intraday low was Rs 91.01. The shares traded in a narrow range throughout the session. 

At 12: 45 pm on June 25, IRFC shares traded at Rs 91.84, in the red. The overall market nervousness dragged the PSU stocks lower on Thursday. The quantity traded on both the buy and sell side remained high with over 1.35 crore on each side. 

IRFC order book 

In the order book, the sellers had a slight edge over buyers with orders placed worth 52.27% of the total quantity on the sell side and 47.73% on the buy side. Bids were seen stacked between Rs 91.80 and Rs 91.85 while offers ranged from Rs 91.87 to Rs 91.91 showing some two-way interest near the current level. 

IRFC Weekly Chart 

Indian Railway Finance Corporation’s scrip has crashed nearly 8% across five sessions from June 18 to June 24 on the weekly chart. The stock slid from levels just above Rs 100 to below Rs 92 levels this week. The selling gained pace especially after June 22 as you can see from the weekly chart below that after closing around Rs 100 on June 21 and June 22 weeklies, the IRFC stock crashed lower in a vertical line in the subsequent sessions. 

This has wiped off gains made by the stock earlier this month and pulled IRFC shares to lower levels not seen in the past few weeks. Short-term investors witnessed a breach of their stops due to this sharp decline. We see sell-side pressure dominating the order book with no reversal indicators visible on the charts as of now. We assess IRFC charts with a bearish outlook for the upcoming weekend session. 

Offer For Sale

Indian Railway Finance Corporation Limited has informed the stock exchanges of a proposed offer for sale of equity shares of face value Rs 10 each through the stock exchange mechanism, in accordance with applicable SEBI circulars.

Base Offer Size: As detailed by IRFC, the base offer size is 13,06,85,060 equity shares of face value Rs 10 each. The offer size is 1% of the total issued and paid- up equity share capital of the company. Offer was made available to non-retail investors on June 24, 20 26(T day) and to retail investors, employees and non-retail investors (subject to carry forward of unallotted bids, if any) on June 25, 20 26(T+1 day).

Oversubscription Option: The issuer has exercised its oversubscription option of 1,12,40,20 40 equity shares of face value Rs 10 each which is 0.86% of the total paid- up equity share capital of the issuer in addition to the base offer size. The total offer size will therefore be up to 2,43,08,7 100 equity shares of face value Rs 10 each which is 1.86% of the total paid- up equity share capital of the issuer. 10% of the total offer size, i.e. 2,43,08,711 equity shares have been reserved for allotment to the retail category on T+1 day. 

Reserve for Employees: 25,000 equity shares have been reserved for employees. 

Source

•  https://www.nseindia.com/get-quote/equity/IRFC/Indian-Railway-Finance-Corporation-Limited