ITI share price hits 10% lower circuit after soaring 43% in last two sessions; here's why

ITI share price suffered a massive loss of 10 per cent to hit its lower circuit in early trade on the BSE on Tuesday, January 7, a day after the BSE and the NSE sought clarification from the company regarding the significant movement in price. ITI share price opened at ₹572.40 against its previous close of ₹545.80 and plunged 10 per cent to its lower price band of ₹491.25. On the NSE, the stock opened at ₹575.15 against its previous close of ₹544.35 and cracked 10 per cent to hit the lower price band of ₹489.95.

The stock exchanges sought clarification from ITI about the abnormal stock price movement as it surged over 43 per cent in the previous two sessions. The stock surged over 19 per cent on Monday and 20 per cent on Friday.

"The exchange has sought clarification from ITI on January 6, 2025, with reference to significant movement in price, in order to ensure that investors have the latest relevant information about the company and to inform the market so that the interest of the investors is safeguarded. The reply is awaited," said the company in an exchange filing on the BSE.

ITI share price trend

ITI, a PSU under the Department of Telecommunications, has seen a remarkable gain of over 75 per cent over the last year, till the close of January 6.

The stock hit a 52-week low of ₹210.20 on October 25 last year and an all-time high of ₹592.85 on Tuesday, January 7. Thus, it soared over 180 per cent in less than three months.

On a monthly scale, the stock has been rising since November. Healthy financial results and the government’s focus on infrastructure development have been the key drivers behind the stock's meteoric rise of late.

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