The stock actually hit a 52-week high of $2.34 shortly after the market opened, but it was down 10% to $1.80 at 11:22 a.m. More than 8.6 million shares had changed hands, which easily surpassed the average volume of 556,466.
The stock surged Wednesday after Indian president Pranab Mukherjee appointed Narendra Modi as the new Prime Minister of the nation. Modi will succeed Manmohan Singh, whose Congress party suffered its worst defeat in history in India's recent general elections. Mukherjee will administer the oath of office and secrecy to Modi on May 26.
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Separately, TheStreet Ratings team rates INDIA GLOBALIZATION CAPITAL as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INDIA GLOBALIZATION CAPITAL (IGC) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."