PSU stocks tumble on LS poll results

DALAL STREET SPIKES

PSU stocks were hammered on concerns that a weak coalition at the Centre would stall the disinvestment process. As a result, stocks like HPCL, RCF, Shipping Corporation, BPCL and National Aluminium were down in the range of 4 to 15 per cent of back of aggressive selling.

According leading brokers, the PSU stocks were under selling pressure as the market expect that the disinvestment process will be stalled till the new government is formed and the reform process is back on track.

Among the biggest losers were, RCF - down nearly 15 per cent to close at Rs 37.45, followed by oil major HPCL, down 7.15 per cent to close at Rs 380.05. The HPCL counter witnessed volumes of more than 35.7 lakh shares at the BSE.

BPCL too ended marginally lower to close at Rs 410, after touching the day's low of Rs 359. SCI and National Aluminium ended 6.13 per cent and 4.33 percent lower.