Small cap stocks continued to crash for a second day in a row, with several stocks locked at the lower end of the circuit filter. Investors continued to dump small and midcap stocks in trade once again today.
Deep Industries shares dropped sharply for the second day in a row on Tuesday. The stock was down a huge 8 per cent in early trade. The shares were last seen trading at Rs 93. Deep Industries stock also fell on Monday after the company said that Central Bureau of Investigation (CBI) registered a case against 13 officials of ONGC and Deep after complaint filed by ONGC's vigilance dept regarding contract with ONGC.
P C Jeweller
Shares in P C Jeweller were down another 7 per cent in trade, after a 16 per cent fall on Monday. The stock has now fallen from 52-week high levels of Rs 500. The board of the company had recently announced a buyback of shares at Rs 350 per share.
This means the stock could easily find support at lower levels, as the stock is way below the buyback levels. The severe damage in the stock in the last six months is largely on the back of heavy selling by a select FPI.
Shares in Manpasand Beverages were locked at the lower end of the circuit filter for the second day in a row. There were worries over corporate governance after auditors of the company resigned, following reports of lack of information from the company.
The shares of Manpasand like PC Jeweller has crashed from levels of Rs 500.
Shrimp producer Apex Foods has seen its stock crash to the lower end of the circuit filter as Shrimp prices have fallen globally.
This is the second day in a row the stock was locked at the lower end of the circuit filter. There are reports of weak Shrimp demand from the US, which is playing on prices of Shrimp and hence stock prices of companies like Apex Foods and Avanti Feeds.
Tips Industries Ltd
Shares in Tips Industries dropped 4 per cent in trade today. The stock hit a high of Rs 119, but, had dropped as much as 7 per cent, to an intra day low of Rs 115. Tips is a music company that owns owns 3,500 titles of which a minimum of 10 have been 10 million sellers, and over 15 have grossed more than 5 millions in sales.