the blue-eyed boy of the defensive space that ruled the market in the last two year with annual gains of 30%, reported lower-than-expected volume growth in three months to December at 5% . The company’s decision to increase the royalty payment to its parent Unilever to 3.15% of sales by fiscal 2018 weighed heavy on the stock, which fell 3% during the week after a dozen analyst downgrades.
Even Tata Motors faced some earnings downgrade after the company guided for lower Ebitda or operating margins for the period. The stock, which plunged 10% intra-day on Thursday, was the biggest loser among the Nifty stocks, with an 8% decline in the week to R301.05.
Thursday also saw heavy selling in debt-ridden infra, realty and capital goods companies from the mid-cap and small-cap space. Scrips like IVRCL, Lanco Infra, D B realty, IRB Infra and Punj Lloyd dropped 8-19% after investors turned cautious on reports of HDIL vice-chairman and MD Sarang Wadhawan selling 50 lakh shares.
About 98% of its promoters' holding remain pledged. HDIL stock dipped 32% to R82.5 in the week.