IFCI share price extended its losing run for the second consecutive session on Wednesday, 9 September, due to heavy profit booking after the stock's recent bull run. A day after crashing almost 10%, IFCI shares crashed more than 4.5% to an intraday low of ₹88.40 on Wednesday. Overall, the stock has lost nearly 14% in just two consecutive sessions.
IFCI shares witnessed a strong bullish run of late amid buzz in the NSE IPO. The company has indirect exposure to the NSE through Stock Holding Corporation of India (SHCIL).
IFCI holds a controlling stake of over 50% in SHCIL, which, in turn, owns more than 4% of NSE. This structure gives IFCI shareholders indirect exposure to developments at India’s largest stock exchange, making the company’s stock particularly responsive to progress on NSE’s much-anticipated IPO.
The stock has surged 72% over the last six months, hitting a 52-week high of ₹107.45 on 4 September. It hit a 52-week low of ₹46.20 on 9 December last year.
On a monthly scale, the stock had been in the green from April to August this year, clocking a cumulative gain of 87%.