RInfra, Jet Airways among 54 stocks that tumbled up to 62% in 3 weeks

A slew of negative news and ratings downgrade have taken a toll on the Indian equities with 54 stocks seeing at least one-fourth of their market value getting eroded in the past three weeks.

Among the shares trading on the S&P BSE Allcap index, Reliance Infrastructure (RInfra), Manpasand Beverages, Eros International Media, PC Jeweller, Jet Airways (India), Sintex Industries and Kridhan Infra have plunged in the range of 50 per cent to 62 per cent during the period.

Furthermore, Dewan Housing Finance Corporation (DHFL), Jammu & Kashmir Bank, S Chand & Company, Jain Irrigation Systems and Cox & Kings have slipped 30 to 49 per cent in the past month.

Since May 28, the S&P BSE Smallcap and S&P BSE Midcap index have slipped 6 per cent and 4 per cent respectively. In comparison, the benchmark S&P BSE Sensex has lost 1.8 per cent.

Besides RInfra, Reliance Capital, Reliance Communications, Reliance Naval and Engineering, Reliance Home Finance and Reliance Power from the Reliance Anil Dhirubhai Ambani Group (ADAG) have tanked more than 30 per cent. Four ADAG companies reported a combined net loss of Rs 24,025 crore in March quarter. Reliance Capital and Reliance Home Finance are yet to announce their March quarter earnings.

The auditors of RInfra raised concerns about the company's ability to continue as a going concern and said that it does not have sufficient evidence to determine if the result gave a “true and fair” view of the losses and income.

Meanwhile, shares of Jet Airways (India) hit an all-time low of Rs 61.50, locked in lower circuit of 10 per cent today, after State Bank of India (SBI) - led lenders’ consortium moved National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the airline. CLICK HERE FOR FULL REPORT

In the past four trading days, the stock has plunged 44 per cent after the stock exchanges, last week, decided to impose restrictions on its trading from June 28, as part of preventive surveillance measures, to curb excessive volatility.

The company's scrip shall be shifted from rolling segment to trade-for-trade segment, wherein the settlement in the security will take place on gross basis with 100 per cent upfront margin and 5 per cent price band. The exchanges reasoned that the company has failed to provide any prompt or satisfactory response to the clarifications that they have sought from the company with respect to various rumours floating in the market.

“The pessimism stems from no major announcement from the Central Bank and liquidity concerns regarding non-banking finance companies (NBFCs) continue to hurt lending. Also, no proactive interaction by the new Finance Minister sees all eyes on budget with liquidity starved over leveraged companies witnessing collateral selling,” IIFL Securities said in client note.

Company	Price on BSE in Rs		%
Name	28/05/2019	LTP1121	Chg
Eros Intl.Media	71.25	27.15	-61.9
Windsor Machines	66.65	26.40	-60.4
Jet Airways	153.25	61.50	-59.9
Kridhan Infra	32.10	13.25	-58.7
Manpasand Bever.	70.40	29.45	-58.2
Kwality	5.83	2.68	-54.0
Reliance Infra.	114.60	53.90	-53.0
Sintex Plastics	17.15	8.20	-52.2
PC Jeweller	95.80	46.65	-51.3
Sintex Inds.	6.66	3.29	-50.6
Optiemus Infra.	100.25	50.50	-49.6
Reliance Capital	136.55	70.10	-48.7
Reliance Home	23.30	12.30	-47.2
Mercator	2.65	1.48	-44.2
Jain Irrigat-DVR	40.05	23.05	-42.4
Jain Irrigation	55.65	33.20	-40.3
Multibase India	384.70	229.95	-40.2
Mcleod Russel	33.05	19.85	-39.9
JP Associates	5.06	3.07	-39.3
Emami Realt.	99.40	62.15	-37.5
Dewan Hsg. Fin.	114.80	71.90	-37.4
Reliance Power	8.15	5.13	-37.1
PG Electro.	75.05	48.10	-35.9
Rel. Comm.	2.06	1.33	-35.4
B.L.Kashyap	19.50	12.60	-35.4
S Chand & Compan	135.05	87.70	-35.1
Hubtown	30.50	20.10	-34.1
Reliance Nav.Eng	8.00	5.29	-33.9
UFO Moviez	301.50	200.00	-33.7
J & K Bank	59.40	40.05	-32.6
Indiabulls Integ	299.90	203.10	-32.3
Arcotech Ltd	4.34	2.95	-32.0
Adlabs Entert.	7.84	5.35	-31.8
Kellton Tech	35.50	24.25	-31.7
SORIL Infra	303.20	207.30	-31.6
Igarashi Motors	274.00	189.45	-30.9
Ansal Properties	8.37	5.81	-30.6
Atlanta	14.55	10.40	-28.5
Cox & Kings	93.35	67.30	-27.9
Chamanlal Setia	75.15	54.25	-27.8
LEEL Electricals	9.80	7.10	-27.6
Setco Automotive	27.35	19.85	-27.4
SPML Infra	28.00	20.50	-26.8
Parsvnath Devl.	4.64	3.40	-26.7
Dilip Buildcon	603.15	443.20	-26.5
Aban Offshore	50.80	37.40	-26.4
JBF Inds.	19.00	14.00	-26.3
Suzlon Energy	5.54	4.09	-26.2
N R Agarwal Inds	301.45	222.85	-26.1
Arshiya	31.95	23.70	-25.8
TVS Elec.	222.55	166.00	-25.4
Sunil Hitech	0.79	0.59	-25.3
Marathon Nextgen	128.00	95.65	-25.3
Simplex Infra	166.05	124.25	-25.2
LTP: Last traded price on BSE in Rs at 11:21 am.