LIC To RVNL: PSU Stocks Slip As Broader Market Indices Fall
Stocks of public sector fell more than the rest of the broader market indices.
Markets fell on Tuesday a day after the benchmark NSE Nifty 50 reached 20,000 for the first time, with the broader market indices declining by as much as 4% during the day.
Stocks of public sector enterprises dropped more than the broader market indices. These scrips had benefited the most from the earlier rally, with individual stocks rising as much as over 2.4 times since the beginning of the year.
Shares of Punjab & Sind Bank Ltd. fell the most during the day, slipping by over 9.4%. UCO Bank saw a 9.1% fall.
Government-run General Insurance Corp. fell over 9% so far during the day.
The New India Assurance Co. fell as much as 6.3%, while Life Insurance Corp. slipped by 2.7%.
Railways companies, which rose the most so far during the year by over 240%, also fell the most during intra-day trades.
Shares of Rail Vikas Nigam Ltd. fell by 14.27% during the day, while Ircon International Ltd. experienced the second-highest fall among railway stocks at 10%.
Among Gujarat-based public sector undertakings, Gujarat Mineral Development Corp. fell the most by 10.6% and Gujarat Industries Power Ltd. fell by 9.8%.
Oil & Gas
Mangalore Refinery & Petrochemicals Ltd. fell the most among listed oil and gas PSUs, slipping 10.8% below its closing price on Monday.
SJVN Ltd. fell by 11% intra-day, the most out of PSU companies in the power sector.
Shares of Mazagon Dock Shipbuilders Ltd. fell by 11.76% during the day before paring losses to trade 6.7% below their closing price on Monday.
Out of the listed PSU stocks in the metals sector, KIOCL Ltd. fell by nearly 12% during the day, while MMTC Ltd. reported the second largest drop in price by 9.94%.
Among other listed PSU stocks, Cochin Shipyard Ltd. fell the most, falling as much as 14.27% during the day.