Shares of NHPC on Monday fell by as much as 30 per cent on heavy selling even as the hydro-power utility said there is no change as far as its fundamentals are concerned which affected the counter.
At the National Stock Exchange of India (NSE), the stock nosedived by 29.92 per cent to Rs 18.15. NHPC shares tanked 25.87 per cent to Rs 17.90 on the Bombay Stock Exchange (BSE).
Following the steep decline in the share price, the company’s market capitalisation got eroded by Rs 5,597 crore to Rs 24,109 crore.
In a clarification to the Bombay Stock Exchange, NHPC said, ‘As far as the fundamentals of the company, there is no change which affects the major price movement. In our opinion, there is no issue in the Finance Bill which has any adverse effect on hydro sector.’
At close of trade on Monday, shares of NHPC were down 18.84 per cent at Rs 19.60 on Bombay Stock Exchange. Intra-day, the stock plunged 25.87 per cent to Rs 17.90.
On the National Stock Exchange of India, the scrip tanked 23.94 per cent to Rs 19.70. In terms of volume, 985 lakh shares of the company changed hands on the Bombay Stock Exchange while over 25 crore shares were traded on National Stock Exchange of India.
‘The stock has been seeing selling pressure over the last two days. While its management has clarified that there was no change in company’s fundamentals, technical selling was seen coupled with heavy volumes,’ said Milan Bavishi, Head Research, Inventure Growth & Securities.
SENSEX FALLS BY 41 TO 3-MONTH LOW
In volatile trade, the Bombay Stock Exchange (BSE) benchmark Sensex on Monday closed 40.56 points down at 18877.96, near its three-month lows, on profit-booking in metal, realty, consumer durable and capital goods sector, amid a weak global trend. After resuming on a flattish note at 18,920.90, the S&P BSE Sensex fell over 150 points within first hour of trade on concerns over global growth outlook and weak data from Europe.
Thereafter, the Sensex tried to script a turnaround on numerous occasions but profit-selling kept it in on a tight leash. It finally settled at 18,877.96 — a loss of 40.56 points, or 0.21 per cent compared to Friday’s level. At this level, the index is close to the three-month low of 18,842.08 hit on November 27. On Budget day (Feb 28), Sensex had closed at 18,861.54.
The broad-based National Stock Exchange (NSE) index Nifty on Monday lost 21.20 points, or 0.37 per cent, to close at 5,698.50. Second-line shares continued to reel under heavy selling pressure. As a result, total 362 stocks closed at their lower circuit bands. The BSE-Smallcap and BSE-Midcap indices closed down by 1.89 per cent and 1.37 per cent respectively.
18 scrips out of the Sensex pack ended lower while 11 scrips finished higher and Tata Power closed steady. Across-the-board selling was seen as 12 out of 13 sectoral indices ended with losses with metal, realty, consumer durable, capital goods, PSUs and power segments suffering the most. Metal shares from 30-share Sensex like Jindal Steel, Hindalco, Tata Steel and Sterlite dropped between 1.95-4.55 per cent. HUL, L&T and Maruti Suzuki lost over 2 per cent each.
ITC, TCS, Bharti and Dr Reddy’s were the major gainers. Banking stocks led by HDFC Bank, SBI and ICICI Bank closed higher on expectations the RBI will cut interest rates later this month.
Global sentiment was poor after China last weekend announced fresh measures to cool the property market. European indices were trading lower with finance ministers expected to meet in Brussels on Monday to discuss issues including a bailout for Cyprus.
Asian stocks, excepting Japan, closed with losses between 0.66 per cent and 3.65 per cent after China tightened mortgage rules to cool the property market. China’s Shanghai Composite index closed down by a whopping 3.65 per cent. European markets too were quoting lower in their early trade, tracking losses in China. The CAC was down by 0.23 per cent, the DAX by 0.41 per cent and the FTSE by 0.34 per cent.
At the National Stock Exchange of India (NSE), the stock nosedived by 29.92 per cent to Rs 18.15. NHPC shares tanked 25.87 per cent to Rs 17.90 on the Bombay Stock Exchange (BSE).
Following the steep decline in the share price, the company’s market capitalisation got eroded by Rs 5,597 crore to Rs 24,109 crore.
In a clarification to the Bombay Stock Exchange, NHPC said, ‘As far as the fundamentals of the company, there is no change which affects the major price movement. In our opinion, there is no issue in the Finance Bill which has any adverse effect on hydro sector.’
At close of trade on Monday, shares of NHPC were down 18.84 per cent at Rs 19.60 on Bombay Stock Exchange. Intra-day, the stock plunged 25.87 per cent to Rs 17.90.
On the National Stock Exchange of India, the scrip tanked 23.94 per cent to Rs 19.70. In terms of volume, 985 lakh shares of the company changed hands on the Bombay Stock Exchange while over 25 crore shares were traded on National Stock Exchange of India.
‘The stock has been seeing selling pressure over the last two days. While its management has clarified that there was no change in company’s fundamentals, technical selling was seen coupled with heavy volumes,’ said Milan Bavishi, Head Research, Inventure Growth & Securities.
SENSEX FALLS BY 41 TO 3-MONTH LOW
In volatile trade, the Bombay Stock Exchange (BSE) benchmark Sensex on Monday closed 40.56 points down at 18877.96, near its three-month lows, on profit-booking in metal, realty, consumer durable and capital goods sector, amid a weak global trend. After resuming on a flattish note at 18,920.90, the S&P BSE Sensex fell over 150 points within first hour of trade on concerns over global growth outlook and weak data from Europe.
Thereafter, the Sensex tried to script a turnaround on numerous occasions but profit-selling kept it in on a tight leash. It finally settled at 18,877.96 — a loss of 40.56 points, or 0.21 per cent compared to Friday’s level. At this level, the index is close to the three-month low of 18,842.08 hit on November 27. On Budget day (Feb 28), Sensex had closed at 18,861.54.
The broad-based National Stock Exchange (NSE) index Nifty on Monday lost 21.20 points, or 0.37 per cent, to close at 5,698.50. Second-line shares continued to reel under heavy selling pressure. As a result, total 362 stocks closed at their lower circuit bands. The BSE-Smallcap and BSE-Midcap indices closed down by 1.89 per cent and 1.37 per cent respectively.
18 scrips out of the Sensex pack ended lower while 11 scrips finished higher and Tata Power closed steady. Across-the-board selling was seen as 12 out of 13 sectoral indices ended with losses with metal, realty, consumer durable, capital goods, PSUs and power segments suffering the most. Metal shares from 30-share Sensex like Jindal Steel, Hindalco, Tata Steel and Sterlite dropped between 1.95-4.55 per cent. HUL, L&T and Maruti Suzuki lost over 2 per cent each.
ITC, TCS, Bharti and Dr Reddy’s were the major gainers. Banking stocks led by HDFC Bank, SBI and ICICI Bank closed higher on expectations the RBI will cut interest rates later this month.
Global sentiment was poor after China last weekend announced fresh measures to cool the property market. European indices were trading lower with finance ministers expected to meet in Brussels on Monday to discuss issues including a bailout for Cyprus.
Asian stocks, excepting Japan, closed with losses between 0.66 per cent and 3.65 per cent after China tightened mortgage rules to cool the property market. China’s Shanghai Composite index closed down by a whopping 3.65 per cent. European markets too were quoting lower in their early trade, tracking losses in China. The CAC was down by 0.23 per cent, the DAX by 0.41 per cent and the FTSE by 0.34 per cent.