ideaForge Shares Tumble 6% To Hit Fresh All-Time Low

Shares of drone manufacturing company IdeaForge dropped 6.5% to reach its new all-time low of INR 338.50 apiece on the BSE intraday trading session today (March 3).

The stock closed 4.6% down at INR 345.25 per share on the BSE, compared to its previous close of INR 361.90 apiece from Friday (February 28).

Currently, the market capitalisation of the company stands at INR 1,494.34 Cr (around $171 Mn).

To note, ideaForge’s stock has closed in red for the fourth straight session.

Shares of ideaForge previously hit a 52-week low of INR 366.55 apiece on February 19.

It is observed that the new-age stocks along with the larger public entities have suffered great loss due to the broader market volatility largely influenced by the US tariff plans, weak trading volumes and higher sell offs from foreign institutional investors (FIIs).

The global market sentiment has led to the frequent all-time low marks attained by the startups in recent months.

Earlier today, of the 32 listed companies that are under Inc42’s coverage, Ola Electric, Unicommerce, Swiggy and TBO Tek have touched their fresh all-time lows.

To note, the Indian market indices BSE Sensex and Nifty 50, both closed in red for the day.

As per Inc42’s tech stock performance report, over 900 companies touched fresh 52-week lows on the BSE in the final week of February.

Over a week ago, the listed drone tech company infused $1.83 Mn (around INR 15.96 Cr) in California-based unmanned aerial vehicle (UAV) manufacturing company Vantage Robotics via compulsorily convertible promissory note, ideaForge said in an exchange filing.

Meanwhile, the company is also looking to expand its business in the US while also penetrating into new markets, including Canada, to boost exports. 

Furthermore, ideaForge has also undertaken multiple rounds of ESOPs lately, where it recently approved an allotment of 31,716 equity shares under its existing ESOP 2018.