ITI shares hit a lower circuit limit immediately after reaching a 52-week high. After requesting clarification from the PSU, the BSE and NSE placed the stock under the short-term ASM framework because of its volatility. At 12:05 PM, ITI’s share price was down 9.99%, trading at ₹489.95 on the NSE. In comparison to the previous closure of ₹544.13, the stock price opened at ₹575.15. Following a 19.09% increase in the previous session, the share price reached the upper circuit limit of 20% yesterday.
ITI issues clarification
In response, the business told the stock exchanges that “the price or volume of shares traded are purely based on market conditions and the Company is not responsible for any increase or fall in volume or share price or any changes in stock market conditions.”
PSU also affirmed that there are no occurrences or outstanding issues that need to be reported to the stock exchanges and that could affect the stock’s price or volume. The exchanges and SEBI put in place the ASM framework as a way to alert investors about odd trading activity, like sharp price swings or large volume.
ITI Share Price trend
As of the end of January 6, ITI, a PSU under the Department of Telecommunications, had recorded an impressive rise of more than 75% in the past year. The stock peaked on Tuesday, January 7 at ₹592.85, after plunging to a 52-week low of ₹210.20 on October 25 of previous year. In less than three months, it therefore surged by more than 180%.
Since November, the stock has been increasing on a monthly basis. The government’s emphasis on infrastructure development and sound financial results have been the main factors behind the stock’s recent explosive growth.
About the Company
Founded in 1948, ITI Limited is a public sector enterprise with a focus on telecommunications technology. It began as a departmental factory and has since expanded to become a major force in the Indian telecom industry, offering a wide range of goods and services. In Bengaluru, Naini, Rae Bareli, Mankapur, and Palakkad, ITI runs manufacturing plants.
