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The stock had re-tested its IPO price of ₹108 during Monday’s trading session, when it made an intraday low of ₹109. The stock had declined 12% over the last three trading sessions, giving up all of its post-listing gains in the process.
With Tuesday’s move, NTPC Green Energy’s market capitalisation is also back above the ₹1 lakh crore mark.
Including Tuesday, shares of NTPC Green Energy have gained only twice in the last seven trading sessions.
NTPC Green Energy’s ₹10,000 crore IPO was among the largest by size in 2024 and had managed to receive full subscription as well. The stock had listed at a premium to its IPO price, made a post-listing high of ₹155, before giving up all the gains.
As of Monday, NTPC Green’s Relative Strength Index (RSI) had slipped to levels of 36, meaning the stock had nearly declined into “oversold” territories. An RSI reading below 30 indicates that the stock is “oversold.”
NTPC Green does not have analyst coverage barring Ambit, who has a “sell” rating on the stock with a price target of ₹70, which implies a 41% potential downside from current levels.
Shares of NTPC Green Energy are up 10% on Tuesday at ₹121. This is the biggest single-day gain that the stock has seen since December 3 last year, during which the stock had jumped 10% as well.
