Most of the sugar companies stocks were trading at their multi-years low following bumper stocks against thin demand.
In past one months, the stocks like Balrampur Chini Mills, Lakshmi Vilas Bank, Bank of Maharashtra, Allahabad Bank and Adani Power that hit 52-week lows, were tanked in the range of 21% to 25%. On comparison, the S&P BSE Sensex was down 3.7%, while the S&P BSE500 index fell 3.3% during the same period.
The benchmark shares fell for a sixth straight session till Wednesday as authorities widened a probe into Punjab National Bank's $2 billion fraud.
Since February 8, foreign portfolio investors (FPIs) had sold equity net amount of Rs 103 billion till Tuesday, March 6, 2018, according to data available with the NSDL.
Lupin, hit a fresh 52-week low of Rs 750, down 1.4%, extending its 8% decline in past five trading sessions. In past six months, the stock dipped 22% against 4.5% rise in the Sensex. US Food and Drug Administration’s warning letters to two Lupin plants in Goa and Indore in November was the main reason for the decline in the stock price, analysts said.
Tata Motors, too, was trading 1.4% lower at Rs 343, falling 17% in past three months, against 0.54% decline in the benchmark index. The company said Jaguars and Land Rovers (JLR) total retail sales in February dropped by 2.6% year on year at 39,911 units.
“Solid demand in China (3.3% up) and other overseas markets
(1.5% up) was offset by lower sales in the UK (15.2% down for the month) and Europe (6.9% down), where trading conditions remained challenging,” Tata Motors said in a press release.
Andy Goss, Jaguar Land Rover Group Sales Director, said: “While February is a short month and we are continuing to see weaker market conditions in Europe and the UK in particular largely reflecting diesel uncertainty, we saw strong sales of the new Discovery and Velar models in the month. Sales of the new 18 model year Range Rover and Range Rover Sport and Jaguar E-Pace are still ramping up heading into March which is normally our biggest sales month largely as a result of the registration plate changeover in the UK.”