Surya Roshni slips 18% on heavy volumes; APL Apollo down 7% as Q3 sales dip

APL Apollo said Q3FY22 sales volume of 402,729 tons declined QoQ due to channel de-stocking in anticipation of steel price correction and extended monsoons, which impacted the construction activity.

Shares of Surya Roshni slipped 18 per cent to Rs 480.20, hitting an over six-month low on the BSE in Monday’s intra-day trade on the back of heavy volumes. The stock was quoting at its lowest level since June 10, 2021. With today’s fall, it has corrected 45 per cent from its record high level of Rs 868.40 touched on October 4, 2021.

In the past three months, the market price of Surya Roshni has declined 40 per cent, as against a 0.34 per cent rise in the S&P BSE Sensex. At 01:35 pm, the stock was trading 9