Stock Fundamentals

Top Losers

| Updated on August 20, 2011 Published on August 20, 2011

With continued unease over global and Indian growth prospects, the bell weather domestic indices, BSE Sensex and NSE Nifty, shed 4.2 and 4.4 per cent respectively. Despite early signs of moderation in food inflation, downgrades in 2011 GDP growth estimates by several brokerages dampened sentiments further. The broader BSE 500 index was down by 4.8 per cent.



Concerns over weakness globally resulting in lower commodity prices pushed the BSE Metal index down by 4.3 per cent. The outlook for several players remains mixed given that margins may come under further pressure in the segment. BSE Metals Index constituents including Hindalco, Bhushan Steel, Jindal Steel, Nalco and Sesa Goa were down by over seven per cent each.



But, leading the list of companies whose share prices were pummelled through the week was IVRCL. A weaker-than-expected growth in top and bottomline in the first quarter pushed this mid-sized infrastructure company's shares down by 26 per cent.



Close on IVRCL's heels is Educomp whose shares slid by 23.4 per cent following reports that the company's offices across the Delhi region were raided by the Income-Tax Department. News that the company intends to open 100 schools nationally did little to bolster market sentiment. Capping off the top three losers of the BSE 200 is Jet Airways, which dropped 21 per cent through the week's trade. This was a result of continued pressure on margins resulting from a multitude of factors, including higher crude oil prices.



Apollo Tyres was a casualty of the tight demand-supply scenario in the rubber industry and softening growth in the automotive space. The stock shed 15 per cent by the end of the week. Despite narrowing consolidated losses, as evidenced by their first quarter results, Punj Lloyd shares were down by 13 per cent through the week's trade. The government's decision to allow higher exports of sugar did little to buoy sentiments in the Shree Renuka Sugar scrip, which was down by around 17 per cent.



A sharp drop in consolidated profits of Lanco Infratech led to the share price declining by 15 per cent. Other companies which have been impacted by weakness in the power space include Power Finance Corporation, which was down by 14 per cent. Merchant power players, including JSW Energy, Adani Power, CESC and Reliance Power were down by between 9 and 12 per cent respectively.

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