Shares of drone manufacturer ideaForge Technology extended its post-earnings slump, falling 9.5% over two days to trade at Rs 809.10 on the BSE on Wednesday. The stock fell after the company reported a 49% decline in its Q1 profit margin, despite positive earnings for the June quarter.
Citing strong prospects but a risk of order delays, domestic brokerage firm JM Financial downgraded its rating on the stock from Buy to Add, with a target price of Rs 905 (previously Rs 875), due to the strong run-up in the stock, i.e. 100% in the last six months.
