In the past two months several mid cap stocks have halved and some reduced to even one fifth of their values. There's been a frightening erosion in shareholder wealth as in some cases the pledged shares have been sold by financiers. Take a look at some the stocks that have been hammered mercilessly.
It probability cannot get worse than this. From levels of Rs 800 on Jan 24, the stock of Aanjaneya Lifecare is down to Rs 154, leaving poor investors high and dry. Reports are that the stock was hammered down as financiers unwound pledged shares in the company.
Mumbai's leading real estate developer Housing Development and Infrastructure Ltd (HDIL) has seen its stock come crashing from Rs 97 on Jan 24 to the current levels of Rs 45. An over leveraged balance sheet and recent down grade by a rating agency has put pressure in the stock.
In just 5 trading days the Mannapuram stock crashed 31 per cent, due to revised downward guidance of profits. The stock has halved from levels of Rs 44 on January 24, to the current levels of Rs 22.
A leading logistics player Arshiya International stock price has tumbled from a yearly high of Rs 122 to the current levels of Rs 22. Reports of sacking of employees and cash flow worries has left the company's stock in tatters.
Sintex Industries is virtually synonymous with overhead water tanks. The stock of the company has crashed from Rs 85 on January 24 to the current levels of Rs 45.
Delta Corp is another high beta stock that risen sharply when the market rises and drops in the same manner when the markets fall. The stock has fallen from a level of Rs 77 on Jan 24 to the current levels of Rs 47.