Tata Steel and Bank of India hit 52-week lows today even as the markets were trading higher once again today. Tata Steel slumped to a new 52-week lows of Rs 237.10 on the National Stock Exchange, while Bank of India lost ground and hit a 52-week low of Rs 208.25 on the NSE.
Banks, particularly the PSU banking stocks have lost favour with investors following the RBI move to tighten credit recently, as also the fact that non performing assets for the industry have been rising at a fast pace.
Several PSU and private sector banks recently hit thie 52-weeks lows.
For Tata Steel the slump in steel demand and weakest then expected performance in Europe is weighing on the stock price. Analysts see the trend on weakness in the stocks continuing unless there is a robust economic recovery in India and around the globe.