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Shares of India's major cement companies have gone for a toss so far this month. During this period, despite broader market carnage, key indices have lost a little over 5%, cement stocks are beaten anywhere between 7 and 18%.
Shree Cement, a dominant player in the north-western market of India, has been hit the hardest on the stock exchanges as its counter lost over Rs 700 or 17.21%.
Majors like UltraTech Cement, country's largest cement maker, and ACC - part of the Swiss giant Holcim too were not far behind. They weakened 14.3% and 15.5%, respectively.
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Shares of Ambuja Cements, which have been losing sheen ever since Holcim's ownership restructuring announcement last month, has lost a little over 7%.
It is interestingly to note that sharp fall on cement counters are being seen at a time when monsoon season is going to get over within a month. Post this, construction activities are expected to resume.
Demand of cement continues to remain under pressure and is not letting cement prices surge. However, this being an election year and peak construction likely to start post monsoon, pattern of trade on cement shares paints a bleak outlook.
