NTPC Green Energy Ltd., a subsidiary of NTPC Ltd., saw its share price rebound nearly 5% on Tuesday, following a sharp decline of over 8% on Monday. The drop occurred as the shareholder lock-in period ended, leading to increased selling pressure.
The company, which made its stock market debut on Nov. 27, 2024, is a significant player in India’s renewable energy sector. NTPC Green Energy, a subsidiary of India’s largest integrated energy company NTPC, boasts an installed capacity of over 76GW. It is recognised as one of the top 10 renewable energy companies in India.
NTPC Green Energy’s shares were initially listed at Rs 111.50, opening just 3.2% above the IPO price. The debut was highly anticipated, and the shares experienced a steady rise in value. However, the stock faced a setback on Monday, falling below the psychological benchmark of Rs 100.
The decline was attributed to the end of the shareholder lock-in period, which typically results in increased selling activity as early investors are free to sell their shares. Despite this, the stock managed to recover on Tuesday.
NTPC Green Share Price
Shares of NTPC Green rose as much as 4.90% to Rs 103.22 apiece. They pared gains to trade 1.42% higher at Rs 99.80 apiece, as of 09:43 a.m. This compares to a 0.29% advance in the NSE Nifty 50.
The stock has fallen 18.04% since listing. Total traded volume so far in the day stood at 6.4 times its 30-day average. The relative strength index was at 30.
Out of two analysts tracking the company, one maintains a ‘buy’ rating and the other suggests ‘sell’, according to Bloomberg data. The average 12-month analysts’ consensus price target implies an upside of 8.4%.
. Read more on Markets by NDTV Profit.NTPC Green Energy’s shares were initially listed at Rs 111.50, opening just 3.2% above the IPO price. Read MoreMarkets, Business, Notifications
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