Despite markets witnessing a buoyant trend today, there were select stocks that lost heavy ground in trade. Here are a few stocks that lost 5 to 19 per cent in trade.
Shares in Gitanjali Gems slumped 19 per cent in trade at Rs 47.20. This was the biggest loss seen in the stock after a long time.
The fall largely came after the recent Punjab National Bank fraud case, cast a shadow over several gems and jewellery companies. Several other jewellery stocks also fell, following a sentimental impact.
Volumes in Gitanjali were heavy as is always the case when there is a sharp decline. Gitanjali Gems owns and distributes eight out of the top ten jewellery brands in the country including Gili, Nakshatra, Asmi, Sangini, Nizam and Parineeta to name a few. The shares saw some recovery from its lows in trade.
Shares in Unichem Laboratories was down almost 8 per cent in trade. The company on Feb 12 had announced a buyback of shares.
It had offered to buyback 2,06,00,000 equity shares of Rs 2 per share each at a price of Rs 430 per Share under tender offer route.
Unichem is a major player in the API business with plants in Goa, Gazhiabad, Roha, Pithampur and Kolhapur.
In the United States, Unichem has made significant progress by marketing a growing list of US FDA approved products through its wholly-owned subsidiary, Unichem Pharmaceuticals.
Today, the shares were trading with heavy volumes on both the NSE and the BSE. Check stock quote of Unichem here
Sree Rayalaseema Hi-Strength Hypo Limited
Sree Rayalaseema Hi-Strength Hypo saw its shares slump by a huge 9 per cent to Rs 184, on the back of a poor set of quarterly numbers.
The company reported a net profit of Rs 1.34 crores for the quarter ending Dec 31, 2017, as against Rs 5.17 crores in the Sept quarter. This led to some massive selling in the stock of Sree Rayalaseema Hi-Strength Hypo. The company is one of the top manufacturers of Sulphuric Acid, Chloro Sulphuric Acid, Chloramine, Purichlor and a range of other acids.
The fall in the stock was on the back of heavy volumes.
Shares in Cantabil Retail slumped 9 per cent in trade. The shares were last trading lower at Rs 141.75. The company recently declared its results, which were largely much better than expected.
Cantabil's Earnings Per Shares jumped to Rs 2.62 in the period ending Dec 31, 2017 from Rs 0.36 in the previous quarter.
Cantabil Retail India Ltd. is in the business of designing, manufacturing, branding and retailing of apparels under the brand names of CANTABIL. It has a network of 170+ exclusive retail outlets & employee strength more than 1000 spread across India.
Shares in Agritech slumped 10 per cent. In fact, the stock was trading at the lower end of the circuit filter with only sellers in the counter at Rs 165.30. The reasons for the sharp fall in the counter was a poor set of quarterly numbers reporting for the period ending Dec 31, 2017.