New Delhi: The share prices of PSU stocks plunged sharply on the day of Lok Sabha Election Results 2024. Much talked about stocks like IREDA, IRCTC, HUDCO, Coal India, power Grid, PFC, SBI, etc were all down on the counting day. The PSU bank stocks were the major laggards. The Nifty PSU Bank index fell the most on Tuesday, June 04, 2024.
The Nifty PSU Bank index dipped in excess of five per cent. The 12 constituent index opened above 7,940 points and made a low of 7,082 during the day. Union Bank was the major laggard which fell almost 15 per cent during the day.
SBI down 10 per cent
The SBI’s stock plunged 10 per cent and made a lower circuit at Rs 815 on the BSE.
BOB and Union Bank tanked 15 per cent
Both the PSU Bank stocks Bank of Baroda and Union Bank fell almost 15 per cent and hit respective lower circuits at Rs 267 and Rs 143 on the BSE.
PSU stocks
Change
PNB
14.53%
IREDA
13.42%
IFCI
9.93%
Shipping Corp
15.01%
HUDCO
14.87%
Coal India
14.12%
Power Grid
15.00%
PFC
18.24%
REC
18.16%
HAL
11.72%
BEL
17.34%
Bharat Dynamics
9.56%
LIC
11.69%
PNB plunges 10 per cent:
The stock of the country’s second largest public sector bank, the Punjab National Bank tanked 10 per cent and made intraday low of Rs 109.60 on the NSE
Ireda makes low of Rs 160 on the BSE:
Retail investors’ favourite renewable energy stock Ireda dipped in excess of 11 per cent and made a low of Rs 160 on the BSE. Other PSU power stocks which were shattered on the Dalal Street on Tuesday were Power Grid Corporation, REC, PFC, etc.
All these stocks had rallied phenomenally on exit poll results in anticipation of Modi returning to power. But stock market experts had warned that if Lok Sabha Election Results disappointed investors then the same Modi stocks would be hit harder than other shares. Other set of experts have attributed profit booking behind the bloodbath witnessed on the Dalal Street on Tuesday.
The Nifty PSU Bank index dipped in excess of five per cent and plunged below 7,100 points. The top PSU Bank losers were Union Bank, Punjab & Sind Bank, BOB, etc. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
