Multibagger Rail Vikas Nigam Limited (RVNL) saw its shares rise up to 10% after the Bombay Stock Exchange (BSE) raised its upper circuit limit.

In a recent review, the BSE revised the price band of 477 listed stocks, with the upper circuits of seven stocks witnessing an upward revision from 5% to 20%, including RVNL.

Shares of RVNL closed at Rs 126.80, up 5.8% from the previous close price. The shares touched an intraday high of Rs 132.20, rising 10.3% from Tuesday’s closing price. The company’s shares are down almost 6% in the last month after rallying 85% since January 2023.

This recent stock downturn is due to investors booking profit and the company’s poor performance in the March quarter.

The net profit of the Navratna company slumped 5% year-over-year (YoY) in the March quarter from Rs 378.16 in the same period last year to Rs 359.25 crore.

The company’s consolidated revenue from operations declined by 11.15% YoY to Rs 5,719.8 crore. The EBITDA also fell by 8.3% on a YoY basis in the quarter to Rs 374.4 crore.