Shares of ideaforge Technology took investors on a rollercoaster ride on June 24. After soaring 4.6% in early trade to touch a fresh year high, the stock reversed course sharply to fall as much as 4.5% to an intraday low of ₹602.65 on the National Stock Exchange.
The volatility came just a day after the stock hit the 10% upper circuit on June 23, which was fuelled by a ₹137-crore order win from the Ministry of Defence to supply mini unmanned aerial vehicles. The sharp upmove in share price on Monday had sparked renewed optimism around the stock, pushing it into the spotlight.
But today’s session reflected a case of profit-booking, as investors who had piled into the stock during Monday’s rally rushed to lock in gains. Despite the brief euphoria, the stock gave up all its intraday gains. The profit-booking was triggered today after US President Donald Trump announced a ceasefire agreement between Iran and Israel.
“On the assumption that everything works as it should, which it will, I would like to congratulate both Countries, Israel and Iran, on having the Stamina, Courage, and Intelligence to end, what should be called, ‘THE 12 DAY WAR,'” Trump said in a post on social media platform.
For the March quarter, ideaForge reported a net loss of ₹26 crore compared to a net profit of ₹10 crore during the year-ago period. Its revenue for the quarter declined 80% to ₹20 crore.
At its intraday low, the stock was nearly 98% above its 52-week low level and over 30% below its 52-week high level. Shares of the company have lost over 22% in the last one year, but have gained over 2% in 2025 so far. However, the stock has gained over 14% in the last one month.
