Mumbai, Sept. 29 -- The stock slumped 6.15% over the past three sessions. The stock is up 51.72% in one month, up 48.72% in three months and 70.26% in one year.

The recent rally in GMDC shares has been supported by expectations of the government's push towards rare earth mining to strengthen domestic supply chains for critical minerals used in electric vehicles, renewable energy and high-tech electronics. GMDC is developing rare earth deposits in Gujarat's Chhota Udaipur district and plans to build an integrated supply chain from mining to processing.

Brokerages, however, remain cautious on valuations, citing slower-than-expected ramp-up at lignite mines and limited visibility on rare earth projects.

GMDC, India's second-largest lignit...