The Indian equity benchmarks continue to be under pressure in midday trade with selling spread across banking, pharmaceuticals and aviation stocks. Select midcap names posted sharp, stock-specific moves. The Nifty was hovering close to 25,200, while the Sensex slipped to 82,000 levels. Volatility remained elevated, participation was uneven, and the market showed little appetite for broad-based risk.
Here are the top movers and shakers at this hour:
InterGlobe Aviation (IndiGo)
InterGlobe Aviation shares were among the biggest laggards by midday, falling 2.95% to Rs 4,764. The stock came under pressure after the airline reported a steep 78% year-on-year decline in the December quarter net profit to Rs 549.1 crore.
The company disclosed a cumulative hit of Rs 1,546.5 crore during the quarter, driven by flight disruptions in early December and the implementation of new labour codes. Exceptional items also included a Rs 22.2 crore fine and a Rs 1,035 crore impact from currency movements. Despite revenue growth to Rs 24,540.6 crore, the earnings damage weighed heavily on sentiment.
Eternal
Eternal shares were sharply lower by midday, trading down 3.79% at Rs 265.45. The stock had a volatile session, opening with strong gains after robust December quarter results before reversing course and slipping into negative territory.
The company reported a 72.88% jump in consolidated net profit to Rs 102 crore, driven largely by its quick commerce business. Blinkit revenue surged to Rs 12,256 crore from Rs 1,399 crore a year earlier. Leadership changes were also announced, with the managing director set to move into a vice-chairman role and Blinkit’s CEO slated to take over as chief executive. Despite the numbers, the stock struggled to hold early gains.
Bandhan Bank
Bandhan Bank shares stood out sharply against the broader weakness, rising 6.06% to Rs 151.10 on the NSE by midday. The stock delivered its strongest single-day performance in over nine months despite a weak set of December quarter numbers, a disconnect that did not go unnoticed on the Street.
Trading activity surged well above normal levels. On the NSE, volumes jumped 2.6 times, with 2.49 crore shares changing hands against an average of 97.7 lakh. On the BSE, 17.32 lakh shares were traded compared with a two-week daily average of 2.09 lakh.
The December quarter numbers were mixed at best. Net profit declined 52% year-on-year to Rs 206 crore from Rs 426 crore, though sequentially profit rebounded 84% from Rs 112 crore. Net interest income slipped 4.5% to Rs 2,688 crore. Asset quality, however, showed improvement, with gross NPAs easing to 3.33% from 4.68% a year ago. Advances grew 10% to Rs 1.45 lakh crore and deposits rose 11% to Rs 1.57 lakh crore. Management reiterated its focus on digital initiatives and balance sheet diversification.
Ashok Leyland
Ashok Leyland shares were trading 2.96% higher at Rs 195.91 by midday, extending gains after touching a fresh 52-week high of Rs 197 earlier in the session. The stock moved higher as commentary around the upcoming Union Budget fed expectations of policy support.
The company’s management urged the government to consider incentives for scrapping old trucks, arguing that targeted support could accelerate replacement demand, reduce emissions and improve fleet efficiency. The emphasis was on incentives rather than mandates, with management suggesting that support linked to vehicle tonnage could meaningfully lift demand.
United Spirits
United Spirits shares were modestly higher by midday, up 1.02% at Rs 1,352.10. The stock remained active after Adar Poonawalla said he plans to submit a strong bid for the Royal Challengers Bengaluru IPL franchise, currently owned by United Spirits. While the development carries no immediate financial impact, it kept the counter in focus in an otherwise cautious market.
Adani group shares
Shares of India’s Adani group firms fell between 2% and 11% on Friday after the U.S. markets regulator asked a court for permission to personally email summons to founder Gautam Adani and group executive Sagar Adani over alleged fraud and a $265 million bribery scheme.
The flagship company, Adani Enterprises, fell as much as 9.1% to 1,890.23, its lowest since May 19, 2023.
Sun Pharmaceuticas
Sun Pharmaceutical Industries shares were marginally lower by midday, down 0.20% at Rs 1,631. The stock softened despite the company receiving approval from the Drugs Controller General of India to manufacture and market a generic version of semaglutide injection for chronic weight management.
The product, to be sold under the brand name Noveltreat after the expiry of the semaglutide patent in India, will be available in multiple dose strengths and administered through a prefilled pen. Management positioned the drug as a clinically backed option to address obesity and diabetes, though the announcement failed to spark buying interest in the morning trade.
Tanla Platforms
Tanla Platforms emerged as a standout gainer, rising 10.80% to Rs 496.70 by midday. The rally followed a strong December quarter performance. Profit after tax rose to Rs 131.37 crore, exceeding both the year-ago and previous quarters. Revenue increased 12.1% year-on-year to Rs 1,121.03 crore, marking the first instance since early FY25 that growth crossed the 10% mark.
Operating margins improved to 17%, supported by organic growth and higher wallet share from existing customers. Management pointed to Wisely.ai, MaaP and OTT channels as key growth drivers, alongside steady traction from newly acquired clients.
Ujjivan Small Finance Bank
Ujjivan Small Finance Bank shares were higher by midday, up 3.62% at Rs 64.20, extending a strong two-session run. The stock continued to draw strength from a solid December quarter showing. Net profit rose 71% year-on-year to Rs 186 crore, while net interest income increased 12.8% to Rs 1,001 crore.
Asset quality improved sequentially, with gross NPAs easing to 2.38% and net NPAs declining to 0.57%. The growing share of secured loans, now at 48%, added stability to the balance sheet. In a market marked by caution and selective conviction, Ujjivan remained firmly in the latter camp by midday.