Amara Raja, Biocon, Hero MotoCorp, Ujjivan SFB hit 52-week lows

Ujjivan Small Finance Bank hit a new low of Rs 17.80, down 10% intra-day trade today, falling 27% in two days.

Shares of Alembic Pharmaceuticals, Amara Raja Batteries, Biocon, Gulf Oil Lubricants, Hero MotoCorp, Ujjivan Financial Services, Ujjivan Small Finance Bank and Whirlpool of India are among the stocks of eight companies from the S&P BSE500 index that hit their respective 52-week lows in intra-day on Monday.

Some other noteable counters such as Yes Bank, PTC India Financial Services Diamines & Chemicals and Future Lifestyle also hit their respective 52-week low in trade today. In comparison, the S&P BSE Sensex was up 0.36 per cent at 55,528 points at 12:04 pm.

Among the lot, Amara Raja Batteries hit a 52-week low of Rs 679.45, down 3 per cent on the BSE in intra-day trade on Monday after the Andhra Pradesh High Court has extended the suspension of the company's two plants for flouting pollution norms. The notice was issued by of the AP Pollution Control Board (APPCB). Following the development, the stock has slipped below its previous low of Rs 693 touched on July 30, 2021.

“The Hon’ble High Court of Andhra Pradesh heard the matter on August 16, 2021 and has extended the interim suspension of said orders of APPCB by six weeks. The next hearing is scheduled on September 27, 2021. The copy of the order is awaited,” Amara Raja Batteries said in exchange filing.

The company further stated that it has always placed highest priority on the environment, health and safety of its workforce and communities around it. “We take this opportunity to once again thank all our stakeholders who reposed faith in us and we will continue to strive to meet all their expectations,” the company said.

Top management woes

Ujjivan Small Finance Bank (SFB) hit a new low of Rs 17.80, and was down 10 per cent in intra-day trade today before recovering partially. In the past two trading days, the stock has tumbled 27 per cent following the resignation of Nitin Chugh from the position of Managing Director (MD) and CEO of the bank w.e.f. close of business hours on September 30, 2021, citing personal reasons.

“The Bank has received a letter dated August 18, 2021, from Mr Nitin Chugh, tendering his resignation from the position of Managing Director and CEO of the Bank w.e.f. close of business hours on September 30, 2021,” Ujjivan SFB said in an exchange filing.

Shares of Ujjivan Financial Services too slipped 13 per cent to Rs 154.15 in intra-day trade today, plunging 24 per cent in past two trading days. Ujjivan Financial Services is holding company of Ujjivan SFB.

Meanwhile, Rajesh Jogi, independent director of Ujjivan Financial Services, has also resigned from the board of the Company effective from Sunday, August 22, 2021. Jogi is also on the board of Ujjivan SFB as an additional director (non-executive, non-independent category), the company said. CLICK HERE FOR FULL RELEASE.