The sell-off was more profound among the technology stocks, which took a lead from selling in Nasdaq-listed tech names. Rising inflation, geopolitical tensions in Europe and surging crude oil prices also dampened the mood on Dalal Street.
“In the coming week, the domestic market is expected to remain highly volatile with investors awaiting the outcome of the upcoming budget announcement. As the recent earnings failed to excite the market, the earnings outcomes in the coming week will be a key factor in determining investor confidence,” said Vinod Nair, Head of Research at Geojit Financial Services.
Below are some stocks that were in the spotlight during the last week:
Sterlite Tech: Shares of the broadband services provider were among the biggest losers last week, falling 24 per cent after the company posted a surprise loss because one of the clients did not pay up.
Tata Teleservices: The stock continued to tank for another week, falling 23 per cent after the company decided to convert a part of its statutory debt into equity for the government. The problem with the conversion was the price, which was just a fraction of the existing price.
Hikal: The stock continued its dive and fell another 19 per cent during the week amid arrests of company officials made by police in the Surat gas leak case. Reports have alleged the gas tanker that leaked was from Hikal. Moreover, the Managing Director of the company is also said to be absconding.
Info Edge: Info Edge, which holds stake in many of India’s unicorns and startups, fell 16 per cent during the week. The technology stocks have come under bears’ scanner after a long time as the consolidation in the market has started.
Zomato, : Both stocks fell 14-15 per cent during the week amid heavy selling in technology stocks in the US. Loss-making firms have lost their advantage as the market has become riskier with probable monetary tightening waiting in the wings.
L&T Tech, HCL Tech: IT stocks, which saw heavy buying ahead of the earnings season, also saw unwinding after most of them came out with the December quarter numbers. Traders who had pre-positioned themselves booked profits. Lack of sparkle in the numbers also put them off. Both stocks were down 12-13 per cent.
Tata Elxsi: Shares of the design firm surged 14 per cent during the week after the company reported stellar numbers for the December quarter. The company mainly serves automakers and the stock has seen a stellar run as electric vehicles are gradually becoming mainstream.
Hero Moto: The motorcycle manufacturer rose 7 per cent after its board approved raising stake in Ather Energy, a startup that makes electric scooters and bikes. It already held a significant stake in the startup.
Source: The Economic Times
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