NEW DELHI, Jan 28: BPL, Wartsila NSD, Mahindra & Mahindra, Arvind Mills and Hindustan Petroleum are among the worst hit by the steady slide in the market over the last five trading sessions. While the Sensex, which hit a 52-week low of 3,201 on Wednesday, has shed nearly nine per cent over the last five trading sessions, these scrips have seen an erosion of 15 to 17 per cent in their values.As many as 25 scrips in the specified group have lost much more than the Sensex in the current downslide, which is not showing any signs of abatement. The list includes blue chips like BHEL, BPCL, Gujarat Ambuja Cement, Hindalco, Bajaj Auto and Glaxo. In the A group, only two scrips - Oriental Bank of Commerce and SmithKline Beecham Consumer - have moved up marginally.
BPL, known for its strong brand value and competitive strengths, has been the target of bulls which had seen the scrip rising to a high of Rs 117 earlier this month. The scrip has started losing its sheen over the last few sessions, dropping to as lowas Rs 87 or 17.14 per cent.
Mahindra & Mahindra has lost over 16 per cent, touching new lows everyday. A victim of bear hammering, the scrip closed at Rs 236, touching a low of Rs 229. M&M, however, has been on a downtrend ever since it peaked at Rs 495 on August 12, 1997. But a major slide in this counter has been triggered by heavy FII selling, on whose support it had reached such dizzy heights in August. However, major index heavyweights have not lost much. HLL lost only 4.58 per cent, MTNL lost 7.39 per cent and ITC 7.87 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
