Indian equity benchmarks cracked sharply by midday on March 23, 2026, with selling pressure refusing to ease even after the opening slide. The Nifty was hovering near 22,540, down about 2.47%, while the Sensex was around 72,760, lower by roughly 2.37%. The decline was not selective. It was broad, uncomfortable, and, relentless.
Here is a look at some of the stocks that bore the brunt of the beating –
IndiGo, SpiceJet
InterGlobe share price dropped about 4.59% by midday, while SpiceJet share price slipped nearly 9.95%.
The trigger came from the government’s decision to remove temporary caps on domestic airfares, effective March 23. At first glance, removing caps should give airlines more pricing freedom. But the timing complicates things. Airlines are already dealing with operational disruptions on international routes due to the West Asia conflict.
The ministry, in its order, tried to sound cautious, almost cautious to a fault. It said, “Airlines shall ensure that fares remain reasonable, transparent and commensurate with market conditions, and that passenger interests are not adversely impacted.”
HDFC Bank
HDFC Bank share price declined about 3.09% by midday, extending its fall for the fourth straight session.
Over four sessions, the stock has lost more than 10.53%, with market capitalisation eroding by Rs 1.34 lakh crore to around Rs 11.63 lakh crore.
The latest trigger stems from reports that the bank asked three senior executives to leave over alleged mis-selling of Credit Suisse’s Additional Tier 1 bonds. Names have surfaced. Sampath Kumar, Harsh Gupta, and Payal Mandhyan. The issue is not just internal action, it is the implication behind it.
There are also reports of an ongoing investigation into alleged mis-selling from the Dubai branch. When governance questions begin to circulate, the market does not wait for full clarity. It reacts first, asks later.
Muthoot Finance, Manappuram Finance
Muthoot Finance share price and Manappuram Finance share price both traded lower by midday.
The pressure came from a sharp fall in gold and silver prices. On MCX, silver fell by Rs 32,663 or 12.59% to settle at Rs 2.26 lakh per kg, while gold declined Rs 13,974 or 8.82% to Rs 1.44 lakh per 10 grams.
Silver futures dropped over 14%, and gold declined close to 9.6% in the past week. A stronger US dollar, hovering around 99 to 100, and high interest rates continue to weigh on precious metals.
Innovision
Innovision share price had a weak market debut, listing at Rs 467.70 on NSE, a discount of 9.88% from the issue price of Rs 519. On BSE, it opened even lower at Rs 466.
The damage becomes clearer when broken down per lot. A lot size of 27 shares meant the investment value dropped to Rs 12,627.9. Not a small hit for retail participants.
The IPO itself was subscribed 3.32 times, but that number hides the imbalance. Qualified institutional buyers subscribed 13.75 times, non-institutional investors 8.26 times, while retail participation stood at just 0.58 times. That gap tells its own story.
Larsen & Toubro
Larsen & Toubro share price remained in focus, even as broader market pressure persisted.
The company stated that nearly 95% of its projects continue to operate despite the ongoing West Asia conflict. Only about 5% of projects have been affected, and these do not materially impact revenue at this stage.
The company derives over 35% of its revenue from the Middle East region. Logistics disruptions and supply chain issues are beginning to surface. If the situation drags on, it will not remain a minor inconvenience.
IDBI Bank
IDBI Bank share price dropped about 7.87% by midday.
The selling followed reports that the government may consider an Offer-for-Sale route to reduce its stake and increase public shareholding after the earlier strategic sale attempt failed.
Currently, public shareholding is just 5.29%. LIC holds 49.24%, while the government owns 45.48%. That structure limits liquidity and affects price discovery.
Earlier this month, the plan to sell a 60.72% stake was scrapped after bids came below the reserve price.