Shares of Indian Railways Finance Corporation Ltd. (IRFC) fell for the eighth consecutive day on Thursday, marking the longest losing streak for the stock in more than three years. The stock dropped another 2% in today’s trading session, bringing it closer to its 50-Day Moving Average of ₹182. Currently, IRFC shares are trading at ₹186.44, down 3.03% as of 9:55 AM on the NSE.
This prolonged decline began after IRFC reached a record high of ₹229 on July 15, with the stock now down 17% from those levels. The last time IRFC experienced a similar downward trend was from March 15 to March 25, 2021, when it fell for nine consecutive days.
Despite the recent slump, IRFC shares are still up by 8% for the month of July. The stock’s Relative Strength Index (RSI) has corrected from overbought levels to 48, indicating a neutral position in terms of being “overbought” or “oversold.”
In the June quarter, domestic mutual funds have increased their stake in IRFC from 0.18% to 0.55%.
