Logistics stocks tank as much as 16% on GST concerns

Logistics stocks witnessed heavy selling pressure today, falling as much as 16 per cent in-line with an overall weak broader market, as investors grew increasingly worried about a possible delay in passage of the key tax reform bill.
Patel Integrated Logistics tumbled 16.31 per cent to Rs 111.90, Gati plunged 7.95 per cent to Rs 152.25, Allcargo Logistics dipped by 5.12 per cent to Rs 350.90 and Snowman Logistics was down 3.59 per cent to Rs 84.70 on BSE.
Similarly, Sical Logistics slipped 2.99 per cent and VRL Logistics was down 2.44 per cent.
"Increased uncertainty over the passage of the GST Bill in the ongoing winter session of the Parliament has also spoiled the sentiment", said Gaurav Jain, Director, Hem Securities.

In the broader market, the BSE Sensex fell by 274.28 points to end at 25,036.05.
Rajya Sabha failed to transact any business for the second day today as Congress members created uproar over the National Herald case.