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Shares of ideaForge tumbled over 6% to hit an all-time low of INR 508.05 apiece on the BSE on Monday ahead of its Q3 FY25 earnings announcement
The market capitalisation of the drone manufacturing company slipped to INR INR 2,203.48 Cr (about $255.1 Mn)
ideaForge reported a loss of INR 13.7 Cr in Q2 FY25 on an operating revenue of INR 37.1 Cr
Shares of drone manufacturing company IdeaForge
tumbled over 6% to hit an all-time low of INR 508.05 apiece in early trade on the BSE today (January 27) amid a decline in the broader market.
At 10:42 AM, the stock was trading at INR 511.90, 5.48% lower than Friday’s closing price of INR 541.60.
Amid a sharp decline in its share price ahead of its December quarter earnings, the market capitalisation of the listed drone manufacturer fell to INR 2,203.48 Cr (about $255.1 Mn).
It is pertinent to note that ideaForge made its Dalal Street debut in 2023 with its shares listing at INR 1,305.10 apiece on the BSE, a premium of 94.21% against the IPO issue price.
Over the last five trading sessions, the stock has nosedived nearly 7% and crashed over 27% over the past 12 months.
ideaForge is not the only new-age stock that retreated on Monday. At the time of writing, twenty eight of the 31 new-age tech stocks under Inc42’s coverage were trading in the red. The only gainers during the intraday trade today were IndiaMART, PB Fintech and Menhood.
New-age stocks bled in early trade today as benchmark equity indices BSE Sensex and Nifty 50 continued their downward trend on weak global cues and uncertainty over US trade policy.
While Sensex fell 1.10% to hit an intraday low of 75,348.06, Nifty 50 slipped 1.14% to reach the day’s low of 22,826.85.
ideaForge reported a consolidated net loss of INR 13.7 Cr in the quarter ending September 2024 (Q2 FY25) as against a net profit of INR 89.20 Lakh in the year ago period.
Notably, in the preceding June quarter, the startup reported a profit of INR 1.16 Cr.
Operating revenue rose about 56.52% to INR 37.1 Cr during the quarter under review from INR 23.7 Cr in Q2 FY24. On a QoQ basis, it declined about 57% from 86.2 Cr.
The drone startup also reported an EBITDA loss of about INR 10 Cr in Q2 FY25 as against an EBITDA of INR 7 Cr in the corresponding quarter of the previous year.
Earlier this month, the company allotted 8,198 equity shares under the ideaForge Employees Stock Option Scheme, 2018.
