BSE SmallCap index tumbles 3.5% in second sharpest single-day fall of 2023

Total 14 stocks including Jai Corp, Kesoram Industries, MMTC, Ashapura Minechem, HPL, Omaxe, Prakash Industries and Reliance Infrastructure were locked in their respective lower circuits

Shares of small-cap companies were under pressure on Monday as the BSE SmallCap index slipped 3.5 per cent in intra-day trade, which was its second sharpest intra-day fall of 2023.

On September 12, 2023, the BSE Smallcap index had tanked 4.2 per cent in intra-day trade. 

At 02:17 PM: the S&P BSE Smallcap index, the top loser among broader indices, was down 2.93 per cent or 1,117 points at 37,081.82. In comparison, the S&P BSE Sensex was down 0.45 per cent and the S&P BSE Midcap index down 1.4 per cent.

Total 14 stocks from the BSE Smallcap index including Jai Corp, Kesoram Industries, MMTC, Ashapura Minechem, HPL, Omaxe, Prakash Industries and Reliance Infrastructure were locked in their respective lower circuit with only sellers being seen on these counters.

Total 200 stocks from the index declined over 5 per cent.

Among the individual stocks, Jai Corp was locked in the lower circuit for the second straight day, down 10 per cent at Rs 296.70. In the past two trading days, it has slipped 19 per cent. Prior to this, the stock of the industrial plastic products maker had zoomed 54 per cent in five trading days.

KIOCL was down 10 per cent to Rs 367.55. The stock of state-owned sponge iron company tanked 29 per cent from its 52-week high level of Rs 520 touched October 18. Between October 16 and October 18, in three trading days, it had zoomed 57 per cent.

On October 19, KIOCL announced the resignation of Manoj Kumar Jhawar from the post of Director (Finance) & Chief Financial Officer of the Company, due to personal reasons.

Shares of Finolex Industries slipped 9 per cent to Rs 203.75 on profit booking after the company reported profit after tax of Rs 93.78 crore for the September quarter (Q2FY24), as against a loss of Rs 93.92 crore in Q2FY23. Total income from operations was down 6.2 per cent year-on-year at Rs 883.15 crore.