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BSE Smallcap index hits over 3-year low, tanks 28% in a month

As many as 27 stocks from the index have seen their stock price more than halve in a month

SI Reporter  |  Mumbai 

stocks, shares, market, sensex, nifty, BSE, INVESTORS, BROKERS

The S&P hit an over 3-year low on Wednesday as shares of smallcap companies continued to reel under pressure on concerns of economic growth slowdown amid the coronavirus pandemic.

At 12:00 pm, the S&P was down 4.2 per cent at 10,384 points -- its lowest level since March 30, 2016. In comparison, the S&P BSE Sensex and S&P BSE Midcap index were down 2.7 per cent and 3.5 per cent, respectively. In the past one month, the smallcap index has slipped 28 per cent, against 27 per cent decline in the Sensex and midcap index.

As many as 29 stocks from the smallcap index, including SpiceJet, Delta Corp, Venky’s India, Shakti Pumps, Welspun Corp, Raymond, WPIL and Corporation Bank have seen their share price more than halved in the past month. Besides, a total of 209 stocks have fallen 40 per cent-50 per cent during this period.

As the coronavirus pandemic escalates and growth heads sharply lower against a backdrop of volatile and growing credit stress, S&P Global's economists forecast a global recession this year. The agency on Wednesday lowered India's economic growth forecast to 5.2 per cent from 5.7 per cent for 2020.

The impact on the Indian economy could be significant if the virus continues to penetrate the country, which will have a longer lasting effect.

According to CARE Ratings survey, hospitality and tourism will face an adverse effect of the outbreak of coronavirus followed by airlines and auto and auto ancillary. A total of 80 per cent of the respondents opined that the non-performing asset (NPA) levels in the banking sector are going to increase owing to adversities in the economic activities owing to outbreak of COVID-19 across various countries, the agency said in recent report.

“Concerns over the fast spreading coronavirus across the globe will most likely continue to weigh on the Infact, its impact on the economy will be felt for a longer period though the exact nature and quantum of the same is difficult to estimate at current juncture. Thus volatility is likely to continue in near term with downward pressure on the markets,” Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said.

COMPANY LATEST ONE-MONTH BEFORE LOSS(%)
FUTURE SUPPLY 165.40 447.70 -63.1
OLECTRA GREENTEC 58.45 152.15 -61.6
WELSPUN CORP 81.50 207.35 -60.7
KAYA LTD 120.80 303.25 -60.2
MAGMA FINCORP 20.95 50.70 -58.7
INTELLECT DESIGN 58.10 137.95 -57.9
GAYATRI PROJECTS 12.00 28.00 -57.1
BLS INTERNAT. 29.75 67.90 -56.2
HIND.OIL EXPLOR. 39.80 90.55 -56.1
I T D C 131.00 295.05 -55.6
SPICEJET 37.85 84.05 -55.0
SADBHAV ENGG. 41.15 89.90 -54.2
TAKE SOLUTIONS 45.85 98.20 -53.3
DREDGING CORPN. 154.35 328.55 -53.0
SHAKTI PUMPS 120.00 252.90 -52.6
DHAMPUR SUGAR 89.65 188.95 -52.6
WINDSOR MACHINES 9.70 20.40 -52.5
DELTA CORP 71.55 149.95 -52.3
VENKY'S (INDIA) 677.00 1414.70 -52.2
JP POWER VEN. 0.70 1.46 -52.1
WPIL 279.85 580.40 -51.8
DATAMATICS GLOB. 32.00 66.25 -51.7
AVADH SUGAR 124.20 254.50 -51.2
NCC 20.35 41.45 -50.9
ZEN TECHNOLOGIES 27.00 54.90 -50.8
RAYMOND 284.75 578.70 -50.8
JINDAL STAIN. HI 37.40 75.40 -50.4
DWARIKESH SUGAR 17.45 35.00 -50.1
CORPORATION BANK 10.40 20.80 -50.0
V2 RETAIL 40.75 80.95 -49.7
SELAN EXPL. TECH 70.00 139.00 -49.6
RAMCO SYSTEMS 79.00 155.85 -49.3
EQUITAS HOLDINGS 54.00 106.40 -49.3
TRIVEN.ENGG.IND. 40.00 78.55 -49.1
RUCHIRA PAPERS 29.90 58.70 -49.1
ADF FOODS 151.00 295.75 -48.9
DALMIA BHARAT 55.75 108.95 -48.8
PRAJ INDS. 54.65 106.80 -48.8
WALCHAN. INDS. 29.40 57.25 -48.7
UTTAM SUG.MILLS 56.00 108.85 -48.6

First Published: Wed, March 18 2020. 12:05 IST
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