Total 100 stocks which include, Motilal Oswal Financial Services, Aban Offshore, BEML, Gujarat Mineral Development Corporation (GMDC), Gujarat Pipavav Port, Jubilant Industries, Kesoram Industries, Nandan Denim, Prestige Estates, Rolta India, Titagarh Wagons and TVS Srichakra Tyres were hit their respective 52-week lows on the BSE today.
Of these around 15 stocks such as Adlabs Entertainment, Housing Development & Infrastructure (HDIL), Nitin Fire Protection Industries, Lovable Lingerie, Inox Wind and Jaiprakash Power Ventures were hit their respective new lows on the BSE.
In past one week the market prices of Manpasand Beverages, Nandan Denim, Caplin Point Laboratories, PC Jeweller, Atlanta, Deep Industries and Madhucon Projects have declined in the range of 25% and 55%.
Manpasand Beverages (down 55%) and Atlanta (down 26%) have tanked more than 25% after the auditors of these companies put their resignations due to lack of information provided the company for the purposes of audit of the financial results.
Nandan Denim plunged 10% to Rs 76.70 today, falling 38% in past six trading sessions, after the textile company posted a sharp 98% year on year decline in its net profit at Rs 7.7 million in Q4FY18, due to higher raw material cost. It had profit of Rs 321 million in year ago quarter.
Operational revenue during the quarter grew just 1.2% at Rs 3,868 million against Rs 3,821 million in the corresponding quarter of previous fiscal. The raw material cost increased by 48% to Rs 2,652 million over the previous year quarter.
Deep Industries tanked 20% to Rs 107 today extending its Friday’s an over 6% decline on the BSE, after the Central Bureau of Investigation (CBI) has booked officials of Oil and Natural Gas Corporation (ONGC) in Rs 800 million scam case. The stock trading at its 52-week low has tanked 27% in past two trading sessions from Rs 147 on May 31, 2018.