As many as 19 stocks from the S&P BSE500 index hit their respective three-year lows on the BSE in intraday on Wednesday. These included Mahindra & Mahindra (M&M), Bosch, Tata Coffee, Vodafone Idea, Monsanto India, Bayer Crop Science and Glenmark Pharmaceuticals, among others.
Besides these 19 stocks, a total of 51 scrips, including Mahindra & Mahindra Financial Services, JSW Steel, Heritage Foods, Eris Lifesciences, Godrej Consumer Products, L&T Financial Holdings, Motilal Oswal Financial Services and Shopper’s Stop touched their respective 52-week lows in today's session.
Notably, the benchmark index itself corrected more than three per cent in the past week.
At 11:24 am, the benchmark S&P BSE Sensex was down 0.69 per cent at 37,720 points. It has slipped 3.5 per cent or 1,361 points in past one week on heavy selling by foreign portfolio investors (FPIs). The FPIs have sold equity shares worth of Rs 7,108 crore during the period, data shows.
Yesterday, the International Monetary Fund (IMF) lowered India's GDP growth to 7 per cent from 7.3 per cent, due to the slowdown witnessed across consumption and investment segments. The slowdown accelerated in the recent quarters due to the spill-over effect of the liquidity constraint in the non-banking financial services sector.
M&M, Bosch, Ashok Leyland, Apollo Tyres, Bharat Forge, Eicher Motors, Escorts, Force Motors, JK Tyre & Industries and TVS Srichakra from the auto and related stocks hit multi-year lows on growth slowdown amidst rising inventory and weak consumer sentiments.
With the liquidity crisis in NBFCs and resultant slowdown in credit financing, disbursements for automobile industry is expected to remain slightly under pressure during H1FY20, CARE Ratings said in auto sector update.
Going forward, the rating agency expects demand to continue to remain muted during Q2FY20 and pick up only by Q3FY20 and continue in Q4FY20 with various planned product launches, festival demand and pre-buying of automobiles before the implementation of BS-VI norms on April 1, 2020.
M&M hit an over three-year low of Rs 551, down 2 per cent on the BSE. The stock was trading lowest level since February 12, 2016. It has slipped 44 per cent from its all-time high level of Rs 992 touched on August 30, 2018.
Analysts at JP Morgan said that moderating growth trends and lack of catalysts will remain a drag on valuations for M&M. Going into FY20, peaking of tractor volume growth, demand slowdown/ regulatory disruption (BS6) in UVs and margin pressures remain key concerns for the company, the brokerage firm said.
COMPANY
LATEST
52 WK LOW
PREV LOW
PREV DATE
ANDHRA BANK
21.50
21.05
21.40
23/07/2019
APOLLO TYRES
165.40
163.60
166.00
23/07/2019
ASHOK LEYLAND
72.10
71.95
74.70
23/07/2019
BASF INDIA
1056.50
1048.05
1075.15
23/07/2019
BAYER CROP SCI.
3170.25
3150.00
3200.60
23/07/2019
BHARAT FORGE
428.00
421.45
430.05
22/07/2019
BLUE DART EXP.
2408.95
2350.05
2356.00
17/07/2019
BOSCH
14755.00
14750.05
15000.00
23/07/2019
CARE RATINGS
809.80
808.15
815.65
23/07/2019
CASTROL INDIA
122.90
120.90
123.35
15/07/2019
CENTRAL BANK
18.10
17.45
18.35
23/07/2019
EICHER MOTORS
16361.55
16176.20
16983.20
22/07/2019
ERIS LIFESCIENCE
393.00
392.35
400.10
22/07/2019
ESCORTS
486.50
484.00
486.70
22/07/2019
EXIDE INDS.
185.30
184.75
185.20
22/07/2019
FORCE MOTORS
1165.45
1156.00
1196.00
22/07/2019
FUTURE CONSUMER
33.20
32.95
34.00
23/07/2019
G S F C
83.50
83.30
84.65
23/07/2019
GE T&D INDIA
215.00
209.10
211.10
23/07/2019
GLENMARK PHARMA.
418.90
417.55
418.60
23/07/2019
GODREJ CONSUMER
610.65
604.50
615.00
23/07/2019
H U D C O
35.10
34.90
34.90
22/07/2019
HERITAGE FOODS
353.00
350.80
351.35
18/07/2019
HIMADRI SPECIALT
80.70
80.55
81.60
22/07/2019
HIND.COPPER
34.55
34.30
35.05
23/07/2019
I D F C
33.40
33.30
33.60
19/06/2019
IDBI BANK
31.75
31.65
32.40
23/07/2019
INDIABULLS INTEG
128.60
128.20
133.15
23/07/2019
JK TYRE & INDUST
72.15
72.00
72.20
20/06/2019
JSW STEEL
248.15
247.85
252.15
10/07/2019
L&T FIN.HOLDINGS
104.70
103.20
105.70
22/07/2019
M & M
553.15
550.90
556.00
23/07/2019
M & M FIN. SERV.
305.00
289.15
335.25
23/07/2019
M R P L
55.70
55.30
55.90
22/07/2019
MMTC
20.25
20.25
20.70
23/07/2019
MONSANTO INDIA
2033.90
2025.55
2050.00
23/07/2019
MOTIL.OSWAL.FIN.
537.95
534.55
541.15
23/07/2019
NATL. ALUMINIUM
45.05
45.05
45.30
22/07/2019
NAVIN FLUO.INTL.
584.85
580.05
581.35
27/02/2019
NILKAMAL LTD
1034.45
1031.05
1050.00
23/07/2019
NOCIL
90.4
90.35
91.4
23/07/2019
S A I L
44.2
44.1
44.1
11/02/2019
S C I
28.15
28.1
28.5
23/07/2019
SCHAEFFLER INDIA
4020
3971.9
4160
22/07/2019
SHOPPERS ST.
419
417.3
423.3
23/07/2019
STRIDES PHARMA
345
337.85
339.8
23/07/2019
TATA COFFEE
73.65
73.4
74.2
23/07/2019
TATA ELXSI
667.7
666.7
669.5
23/07/2019
TRIVENI TURBINE
93.95
93.75
94
25/10/2018
TVS SRICHAKRA
1750
1750
1766
24/06/2019
VODAFONE IDEA
10.11
10.04
10.45
23/07/2019
