Indian stock markets have been seeing many of its stocks, especially those of the banking and finance companies bleed this week. While BSE's Sensex opened at 36,495 points on Friday, NSE's Nifty started below its 11,000-mark at 10,993 points. In morning trade today, a total of 598 stocks touched new 52-week lows.
Shares of Infibeam Avenues, the Gujarat-based operator of e-commerce websites, nosedived by more than 66 percent ahead of its Annual General Meet (AGM) to hit a new 52-week low of Rs 60.55, this Friday morning. This is its second session of decline. The sudden fall was a result of an exchange of more than 41 lakh shares in the stock markets by 10.30 am. Its eight AGM meeting is scheduled for Saturday.
Stocks of Yes Bank fell more than 9 percent at the Friday morning session to a new 52-week low of Rs 165 a share after it disapproved of allegations of evergreening corporate loans and inflating its share price. In response to queries from NSE, the lender also clarified that it had made no dealings with Rana Kapoor's family office (that manages personal investments of his three daughters). The private bank's share price has fallen by over 50 percent in the past one month from Rs 383 to Rs 185.
Other stocks to hit new 52 week lows were, 8K Miles, Apollo Tyres, Allahabad Bank, Bank of Baroda, Can Fin Homes, Dewan House Finance Corporation Ltd (DHFL), Cochin Shipyard, Eros International, Hero MotoCorp, IDFC Ltd, HT Media Limited, Jet Airways, Jindal Worldwide, IndoStar Capita Finance, Karur Vysya Bank Limited, JK Tyre & Industries Limited, Maruti Suzuki India Limited, Bank of Maharashtra, Motilal Oswal Financial Services Limited, Oriental Bank of Commerce, Punjab National Bank, PNB Housing Finance Limited, SBI Life Insurance Company Limited, Reliance Capital Limited, Syndicate Bank, Tata Motors Limited, UCO Bank, Union Bank of India, VRL Logistics Limited, among others.