From Rs 2.5 to Rs 21: This multibagger penny stock may be showing 50% fall in apps today

IRB Infrastructure Developers ex-bonus: Mutlibagger infra and toll-road player IRB Infrastructure Developers Ltd is showing up to 50 per cent fall in some trading apps today as all these the shares turned ex-bonus, adjusting to the pre-announced corporate action. It had announced to issue bonus stocks for the eligible shareholders in 1:1 ratio, which is indicating a sharp downside in its price.

IRB Infra had announced to issue 603,90,00,00 bonus shares with a face value of Re 1 each, fixing Wednesday, April 1, 2026 as the record date to determine the eligibility for the same. The company announced Thursday, April 2, as the deemed date of allotment and the effective listing of the bonus shall be done on Monday, April 06, considering a market holiday on Friday, April 03.

IRB Infra has issued one share with a face value of Re 1 each for every one share held with a face value of Re 1 each held as on the record date. Only those shareholders who hold the stock as of the record date will be eligible to receive the bonus shares of IRB Infra. Investors buying the stock on or after the ex-demerger date will not be considered eligible.

Shares of IRB Infra settled at Rs 40.94 on Friday and opened at Rs 20.53 on Monday, March 30, post the adjustment of 1:1 bonus. It is possible that trading apps of certain brokerages might be showing the unadjusted share price for yesterday and, thus, suggesting an up 50 per cent-odd fall on the counter. Prior to this, the stock had trade ex-split in 1:10 ratio in February 2023.

Post adjustment of bonus issue, shares of Ashok Leyland rose nearly 3.25 per cent to Rs 21.13 on Monday, with its total market capitalization inching close to Rs 25,500 crore mark. The stock has tumbled nearly 25 per cent from its adjusted 52-week high at Rs 27.19, hit in June 2025. The stock zoomed more than 750 per cent from its adjusted covid-19 low at Rs 2.4.

Promoters own 36.70 per cent stake in the company, while public investors own 30.42 per cent stake as of December 31, 2025, while public shareholding stood at 69.58 per cent. Mutual funds and insurance companies held 9.97 per cent stake in the company, while more than 15.67 lakh retail investors own about 14.66 per cent stake in the company for Q4FY25.

The government’s focus on BOT and TOT projects presents significant opportunities. IRB’s strong order book and strategic asset monetization position it well to capture these opportunities. Moreover, NHAI’s tightened RFP norms emphasize awarding projects to technically and financially strong contractors, thus reducing competition in the industry, said Motilal Oswal.

"We largely retain our estimates for FY26/FY27/FY28. Backed by attractive valuations, a strong order book, and a robust tender pipeline driven by BOT and TOT projects, we expect revenue to register a CAGR of 20 per cent over FY25-28," it added with a 'buy' rating and a target price of Rs 26 (bonus adjusted) in its report dated February 16.

IRB’s access to two InvIT platforms (IRB InvIT Fund and IRBIT) has facilitated capital unlocking through asset monetization and will continue to unlock value with future asset transfer. It is also planning to pursue further opportunities in the TOT segment, said HDFC Securities, which trimmed its EPC estimated in February 2026. It had an 'add' rating with a target price of Rs 27 apeice (bonus adjusted).