The Indian Railway Finance Corp Ltd (NSE: IRFC) shares dipped to the 109 level on Monday’s opening bell, signifying tremendous weakness in the indices. Sensex tanked close to 400 points, while Nifty 50 dipped nearly 90 points in the charts. The index is continuing Friday’s crash, which erased billions worth of wealth in a day after falling 1,400 points. The fall shocked retail traders as foreign institutional investors (FII) continued exiting from the Indian markets.

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IRFC shares are now trading at the Rs 109 mark and are down nearly 28% year-to-date. Investors who took an entry position in the stock in the last six months are all facing massive losses. A quick recovery in the charts could be impossible as fear has gripped the markets. Retail investors are losing thousands of rupees as FIIs sell and take entry positions in the US and Chinese stock markets.

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Buy IRFC Shares at 90-92 Levels: Analyst

Head of Research at Lakshmishree, Anshul Jain predicts that IRFC shares are on the path to dip towards the Rs 90-92 level. Jain stated that the best time to buy the stock will be at this level as it could bottom out. That’s a decline of another 15% from its current price of Rs 109.

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“Given the prevailing technical indicators, the stock (IRFC shares) is expected to decline further, with potential downside targets of ₹109 and ₹92 in the next two to three months. Investors are advised to act cautiously and review their positions, as the market appears unfavorable for IRFC in the near term,” said Jain to Benzinga.

However, he explained that IRFC shares have solid long-term growth, and buying low could be the key. The recent crash could be an opportunity for investors to buy the stock at discounted prices and hold on to the long term.