Overall, 25 stocks of the S&P BSE PSU index are trading between 10% and 37% lower from their 52-week highs. Leading this trend is SJVN, which witnessed a major decline over the last two trading sessions, falling by 24%. From its 52-week high of ₹170.50, the stock corrected by 37%, currently trading at ₹108.15 each.
Also Read: Profit of Indian public sector banks grew 40% in first nine months of FY24
This large decline in share value follows the company’s weak performance in Q3, reporting a 51.6% decline in net profit to ₹139 crore, compared to ₹287 crore during the same period last year.
The stock previously saw a significant rally from March 2023 to January 2024, rising 322% in less than a year. Similarly, shares of NBCC (India), a state-owned construction company, continued to decline for the seventh consecutive trading session, dropping another 6.60% today to reach. ₹124.40 per
Over the past seven sessions, including today, the stock has witnessed a major decline of nearly 26.23%. From its 52-week high of ₹176.85 per share, the stock is currently down 30%.
Between January 19 and February 02, the stock delivered a stellar return of 93.5% in just a two-week period, increasing in value from ₹87.20 per to ₹168.65.
Also Read: LIC’s journey so far: A muted debut, a long rough patch and a stellar rebound, this stock has seen it all.
BEML shares continued their downward trend for the fourth consecutive trading session, falling another 4% today to ₹2,771, after a steep 11.30% fall in the previous session.
The stock’s decline began after it reported a decline in net profit in Q3, both year-on-year and quarter-on-quarter. This recent correction brought the stock to its lowest point in six weeks.
Considering the stock’s 52-week high price of ₹4,144 per share, it has fallen by 33.13% year to date. Likewise, SAIL shares fell due to its weak performance in the December quarter. Today, the stock fell by 4% to ₹117.85 per share after posting a 22% year-over-year decline in net profit in Q3, reaching ₹422.92 crores.
Also Read: SAIL share price falls 5% as Q3 profit falls 22%; here’s what the analyst says
Over the past five trading sessions, SAIL shares have declined by 19%. From its 52-week high of ₹150, the stock is currently down by 21.44%.
Railway PSU stocks, which were earlier seen as high-wealth creators in short duration, have also undergone major corrections in the recent market downturn. Rail Vikas Nigam, IRFC, IRCON International and RailTel Corporation are trading between 19% and 30% below their 52-week highs.
Banking PSUs, including Indian Overseas Bank, UCO Bank, Punjab & Sind Bank, Central Bank of India, Bank of Maharashtra, Bank of India, Indian Bank, and Union Bank of India, are all down, ranging from 10% to 23% lower ones from their 52-week highs.
Similarly, other stocks like Engineers India, MMTC, ITI, General Insurance Corporation, The New India Assurance Company, NALCO, LIC, NHPC, and BHEL are trading with declines between 15% and 25% from their one-year highs.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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Published: 13 Feb 2024, 17:07 IST