Moreover, Coal India, Bharat Heavy Electricals (BHEL), Cummins India, Tata Power Company, Steel Authority of India (SAIL), Reliance Capital, Wockhardt, CG Power and Industrial Solutions, and Allahabad Bank were among the 31 stocks from the S&P BSE 500 index that touched 5-year low in intra-day trade today.
Tata Motors slipped 11 per cent to Rs 110, its lowest level since November 5, 2009. In the past four months, the stock has tanked 53 per cent due to the weakening outlook of Jaguar Land Rover’s (JLR’s) business risk profile.
Rating agency CARE Ratings, on Monday, downgraded Tata Motors’ rating due to subdued operating performance reported by its key subsidiary JLR for FY19 and Q1FY20. CARE believes, the uncertainties revolving around Brexit, geopolitical risks like possibility of tariffs imposition by US government on import of vehicles, slowdown witnessed in China and uncertainties related to diesel powertrain are expected to keep sales volume under pressure in medium term.
YES Bank tanked 8 per cent to Rs 65, its lowest level since March 2014 on Wednesday. In the last three trading sessions, the stock has shed 18 per cent with the latest worry stemming from a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution, a listed company in which YES Bank holds 12.8 per cent stake.
Shares of ITC down for the third straight trading day, down 2 per cent at Rs 241, its lowest level since January 2017.
According to media report, Parle Products Pvt Ltd, a leading Indian biscuit maker, might lay off up to 10,000 workers as slowing economic growth and falling demand in the rural heartland could cause production cuts. CLICK HERE TO READ FULL REPORT
Last week, FMCG major Britannia Industries’ managing director Varun Berry had raised similar concerns when he had mentioned that consumers were even not ready to buy Rs 5 packs of biscuits. Shares of Britannia Industries hit a 52-week low of Rs 2,302, down 4 per cent in early morning deal today. Thus far in the calendar year 2019, the stock has underperformed the market by falling 26 per cent, against 3 per cent rise in the S&P BSE Sensex.