Markets are seeing solid momentum for the second day in a row. However, there are a few stocks that have crashed in trade. Here are some of the beaten down names.
Shares in TCS are down almost 5 per cent in trade after block deals in the counter. Tata Sons is expected to sell shares in the company to fund day repayment plans of its telecom arm.
Tata Sons plans to raise about 8,000 odd crores, through the sale. Shares of TCS have performed very well this year and are still up a good 8 per cent, compared to the Sensex, which is flat since the start of the year.
The stock of TCS was last trading at Rs 2,900 on the NSE. Check stock quote of TCS here
Shares in Gitanjali Gems were down another 5 per cent in trade and have now consistently fallen from levels of Rs 61, before the PNB fraud case. The stock is now trading at Rs 14. Even at these levels there were no buyers in the counter.
68 lakh shares were waiting to be sold on the NSE with no buyers. It maybe recalled that the PNB fraud case, perpetrated by companies linked to Nirav Modi, also linked his maternal uncle Mehul Choksi. However, Choksi the promoter of the Gitanjali Gems group has denied wrong doing.
We may see further downside in the stock in the coming days. Check stock quote of Gitanjali Gems
Hisar Metal Industries
There were only sellers in this stock at Rs 74 a piece. Volumes in the counter were very insignificant and there were sellers to the tune of 2,294 shares only on the NSE.
Hisar Metal manufactures ultra thin (upto 0.05mm) high precision Stainless Steel Strips. The company also has its own captive power supply to sustain internal consumption.
This is another stock that saw heavy selling pressure in trade. The stock was down 5 per cent, with heavy volumes. The shares of Vaswani Industries were last trading at Rs 17.20.
Vaswani Group of Industries is engaged in the manufacture of value-added products which include Induction Furnace, Sponge Iron, Power, Steel Billet, Rolling Mill, TMT Bars, Forgings & Casting.
The reasons for the sharp fall in the stock could not be ascertained.
California Software Company Limited
California Software Company stock was locked at the lower end of the circuit filter with only sellers in the counter.
The shares were last locked at Rs 42.65. Calsoft delivers Product Engineering Services and technology-driven Business.