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3 Large-Cap Stocks That Declined Most Today

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The BSE Sensex clipped most of its losses to end modestly lower on Friday, amid pressure by a massive dip in index heavyweight Reliance Industries after the government imposed an export tax on petroleum products. The 30-share benchmark fell 900 points in early trade, but clawed back lost ground on fag-end buying. It finally ended 111.01 points or 0.21 per cent lower at 52,907.93, marking its third straight day of loss. On similar lines, the broader NSE Nifty dipped 28.20 points or 0.18 per cent to 15,752.05.

 

1. Oil and Natural Gas Corporation Ltd

1. Oil and Natural Gas Corporation Ltd

The stock emerged as the top loser of the day with a decline of 13.53% which is huge. The 52-week high is Rs 194 apiece and 52-week low is 108.50 apiece. The current market price of the stock is 131.05 and now it has fallen 32% from its highs. The major reason attributed behind the decline of the stock is the introduction of Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel. Additionally, government levied a Rs 23,250 per tonne additional tax on crude oil produced domestically.

2. Reliance Industries Ltd
 

2. Reliance Industries Ltd

The stock of Reliance fell sharply as well today with a loss of 7.20%. The stock today fell 15.65% from its highs. The 52-week high of Reliance is Rs 2856.15 apiece and 52-week low is Rs 2016.25 apiece. According to Santosh Meena, Head of Research, Swastika Investmart, "Reliance is witnessing a sharp fall after the government levied taxes on windfall gains made by domestic refineries. Earlier, Reliance was firing on all cylinders but now there is a break in its refinery business as the commodity cycle is also reversing, however other verticals have strong growth potential."

3. Vedanta Ltd

3. Vedanta Ltd

The stock tanked today 4.06% to close at Rs 213 apiece. The 52-week high of the stock is Rs 440.75 apiece and 52-week low is Rs 206 apiece. With today's decline, the stock has fallen 51.59% from its highs. Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world's leading Oil & Gas and Metals company with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, and Aluminium & Power across India, South Africa and Namibia.

Story first published: Friday, July 1, 2022, 18:49 [IST]
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