IRFC Stock: Buy, Sell or Hold? Share price tanks 7% after one-sided rally

IRFC Share Price NSE: IRFC share price tanked more than 7 per cent on Wednesday. IRFC shares are firing on all cylinders ever since it jumped the IPO issue price of Rs 26 for the first time earlier this month.

IRFC share price falls 7 per cent after one-sided rally. PIC: PTI (Edited)

IRFC Share Price NSE, IRFC Share Price Target 2023: Shares of Indian Railway Finance Corporation (IRFC) tanked more than 7 per cent on Wednesday, November 30, to close at Rs 32.77 apiece on NSE. The stock gained for the past seven consecutive sessions, zooming more than 40 per cent. On Wednesday morning, the counter jumped more than 5 per cent to hit a fresh all-time high of Rs 37.10. However, it surrendered all gains to trade in red and settled near the day's low.

The slump in IRFC share price on Wednesday came from profit booking after steep gains in the past few sessions. IRFC shares are firing on all cylinders ever since it jumped the IPO issue price of Rs 26 for the first time earlier this month. The stock on November 16 closed at Rs 26.95 -- first closing above the IPO issue price since listing in January 2021. The one-sided rally in IRFC share price has brought much-needed relief to its investors who were waiting for a trend reversal since its stock market debut.

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IRFC Share Price Target

In the morning show today, Zee Business panellist and market expert Ambareesh Baliga suggested viewers to book profit if the buying cost is below the IPO issue price.

Another panellist and market expert Avinash Gorakshakar said that IRFC share price target for long term investors would be Rs 40-45. He said that the strong momentum will continue in view of the upcoming Budget and that any announcement regarding tax concession and infrastructure investment in the Budget will add to the moment.

Last week, Zee Business panellist and TradeSwift director Sandeep Jain, had said that the view on IRFC stock is positive and set a price target of Rs 40.

IRFC has outperformed the benchmark indices over the past one month, soaring more than 45 per cent compared to a nearly 4 per cent rise in Sensex and Nifty. The stock hit a 52-week low of Rs 19.30 on 20 June 2022.

IRFC is a wholly owned subsidiary under the Ministry of Railways.