LS Poll Results Day: Big Fall In PSU Stocks, Decline Up To 14%

Stocks of leading public sector undertakings (PSUs) witnessed sharp decline of up to 14% in trade today after early trends indicated a tight fight between NDA and INC led INDIA Alliance. BSE Sensex witnessed massive decline of 2489 points to 73,979 and Nifty fell 765 points to 22,498 at 10:43 am on Tuesday as counting for LS polls is underway. According to initial trends, NDA is leading on 291 seat and INDIA is ahead on 224 seats. Nifty Bank fell 1930 points to 49,049 and Nifty Midcap declined 1723 points to 51,630 on Tuesday.

REC Ltd shares declined massively by 14.4% today to 517.45 today. Indian Bank shares fell 11.2% to 538.60 per share.

Public sector undertaking Housing & Urban Development Corporation shares (HUDCO) on June 4 fell by 11.00% to 255.45 at 11:04 am. Share of leading defence company Bharat Electronics Ltd today fell by 10% to 280.30 per share. Power Finance shares and miniratna Hindustan Copper share tanked nearly 10% in trade today to 499.35 per share and 333.45 per share, respectively. Shares of BEML, Bank of Baroda, GAIL (India) Ltd, SAIL, Canara Bank, Coal India, Bank of Baroda, Cochin Shipyard, HAL, NTPC, Coal India, HPCL, Engineers India, LIC, NHPC, RVNL, Rites Ltd, UCO Bank tanked nearly 10% in trade on Tuesday.
After the early trends, investors sought to shift their focus to profit booking after a heavy buyout a day before, where the bourses hit record highs.
Earlier, several exit polls conducted by leading agencies and media houses gave NDA between 316 and 410 seats.