Markets are trading marginally lower in trade today, after witnessing a sharp run last week. Here are 4 stocks that are reacting to news.
P C Jeweller
The shares of PC Jeweller have slumped a staggering 20 per cent in trade. The shares dropped from levels of Rs 122 seen on Friday, to the current levels of Rs 96. PC Jeweller stock had even fallen to Rs 88 in intra day trading.
The company said that it was withdrawing the open offer to buy back shares. This resulted in a huge drop in the stock price. It maybe recalled that the company a few months before had announced a buyback of shares at a price of Rs 350 per share. The withdrawal led to some aggressive selling in the stock.
Shares in Infosys gained ground, despite financial results that did not match expectations. Initially, the shares did drop in trade, but then regained lost ground and infact was up more than 2 per cent. The shares were last trading at Rs 1347, up 2.2 per cent in trade.
Net profit at the company declined 6.5 per cent to $534 million in the June quarter from $571 million in the preceding three months. This was largely on account of the company making an additional write-down of $39 million from the fair value of Panaya and Skava.
Shares in ICICI Bank continued to be pounded and the stock lost as much as three per cent in trade today. Shares of the private sector lender fell to Rs 259. The bank is said to launch a second external probe on bad loans, according to a report in the Economic Times.
The shares have consistently fallen and have underperformed the benchmark indices since the start of the year.
Shares in Dr Reddy's tanked as much as 8 percent to Rs 2116, after a U.S. Federal judge blocked the pharmaceutical company from selling a generic version of Indivior Plc's opioid treatment Suboxone film while a patent-infringement lawsuit is pending. The stock at one stage was down a huge 10 per cent in trade, pulling down the Nifty.
In fact, the shares were the worst performer on the Nifty in trade.