Trent, Rallis, Polycab and 55 other stocks freeze at 20% lower circuit

Trent, Rallis India, Aavas Financiers, Godrej Properties, Polycab India, ICICI Securities, Bajaj Holdings & Investment, Radico Khaitan, V-Mart Retail, Finolex Industries, City Union Bank and Brigade Enterprises were among 59 stocks that were locked in 20 per cent lower circuit after a more than 13 per cent fall in the benchmark index.

At 02:51 pm, the S&P BSE Sensex was down 12 per cent or 3,578 points at 26,338 as most states and companies announced lockdown pan India to protect lives due to novel Coronavirus (Covid-19) outbreak.

As many as 620 stocks out of 2,326 traded on the BSE were locked in lower circuit band, the exchange data shows. Of these, 59 stocks hit 20 per cent lower circuit, while 132 stocks were locked in the lower circuit of 10 per cent on the BSE.

A large number of manufacturing companies in India have informed that they are shutting down their plants in accordance to the government’s action plan to combat Covid-19, with some warning that this will impact earnings.

Trent was locked in lower circuit of 20 per cent at Rs 404, after the company announced a temporarily closure all retail stores till March 31, 2020 and also adopting a work from home policy for office employees of the company. The stock has fallen 50 per cent from its record high level of Rs 804 touched on February 25, 2020.

However, the company’s food stores operated by joint venture/ subsidiaries and their offices (to the minimal extent required), and dealing in essentials continue to operate. The Company will continue to assess the situation and consider restoration of store operations at an appropriate time, it added.

Polycab India, too, was frozen at 20 per cent lower circuit at Rs 620, after the company temporarily announced closure of Manufacturing Plant situated at Halol and Roorkee due to COVID-19 outbreak.

“The domestic industry is being impacted in unprecedented ways with increasing levels of uncertainty,” said Polycab Industries, one of India’s largest makers of switches, cables and electrical appliances. The expected financial impact of the above is not ascertainable at this stage, it added.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel