Market Performance
The stocks of Indian Renewable Energy Development Agency Ltd declined over 1% during early Monday trading. The stock reached an intraday low of Rs 147.2 per share on the National Stock Exchange (NSE) before recovering slightly to trade at Rs 148.7, reflecting a 0.59% decrease.
Regulatory Decision Impact
The Reserve Bank of India has denied IREDA's request for equity investment in Nepal's 900 MW Upper Karnali Hydropower Project. This decision was conveyed through an official letter dated March 7, 2025. In an exchange filing, the company stated that it plans to reapply to the RBI to reconsider its investment proposal.
Company Statement
In response to the regulatory decision, IREDA confirmed that it had sought approval for an equity investment to support the development and implementation of the Upper Karnali Hydro Electric Power Project in Nepal. Following the RBI's rejection, the company intends to make further representations to seek approval for its investment plans.
Summary
IREDA shares declined in early trading after the RBI'sRBI rejected its equity investment request for a hydropower project in Nepal. Despite the setback, the company has expressed its intention to reapply for approval, indicating ongoing efforts to secure participation in the project. The stock showed partial recovery from its intraday low as trading progressed.
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