Indian equity indices saw their biggest fall since June 04. Sensex nosedived over 1,600 points intra-day and Nifty declined over 560 points in a day. The fall in domestic indices can be attributed to the escalation of conflict between Israel and Iran. The latter launched around 200 missiles at the Jewish nation on October 1, after which Israel retaliated. The second reason can be attributed to the new framework regarding F&O by SEBI. The markets’ watchdog has directed the exchanges to provide derivatives contracts with weekly expiry for only one of its benchmark indices, effective November 20, weighing investors’ sentiment in Thursday’s trading session.
Here are 5 stocks that saw maximum erosion in share value
Reliance Industries
Mukesh Ambani-led oil and gas major declined more than 4% on both Nifty and Sensex. The company’s stock has been on a downward trend since the last three trading sessions, pulling the markets lower. The stock was the major contributor behind Nifty 50’s fall on October 03, pulling it down 0.37% alone. Overall RIL has seen an 8% decline in value over the last 3 days, compared to Nifty’s loss of 3.6% in the last three sessions.
Axis Bank
The Axis Bank shares saw deep cuts in both Nifty and Sensex. It closed down almost 4% down to Rs 1,178 from its previous close. The stock contributed almost 32 points in the fall of Nifty 50.
L&T
L&T was another stock that saw sharp cuts both on Nifty and Sensex. The stock closed 4% lower at Rs 3,505.50. During the day, L&T fell as much as 4.6% in Nifty and 4.5% in Sensex.
BPCL
BPCL shares closed down 5.5% after crude prices jumped owing to tension in West Asia. BPCL shares fell as much as 5.7% to an intra-day low of Rs 347. The stock has a 52-week low of Rs 165.73 and has delivered a 105% return in the last year.
Shriram Finance
Shriram Finance was down 4.7% to an intra-day low of Rs 3,400.30. It was recently added to the Nifty 50 and shares had recently touched a 52-week high of Rs 3,652.25 on September 27 and its 52-week low is at Rs 1,760.85. The share delivered 77.5% returns in the last one year.
