It’s one of the stocks where there is always some promising new development. Fortunately or unfortunately we are now in the phase of market where easy liquidity seems to be peaking and now valuations are in driving seat. We have already seen sharp corrections in many overvalued but darling stocks without any meaningful bounce back.
At 7 times book, those investing in IREDA now will have to brace for a long slog to get any meaningful return. Ireda might be a great company but so was (and is) Bajaj Finance in its heyday in 2021 commanding 12 times book and now at 6 times book stock still has very few takers.
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