NEW DELHI, June 10: As many as 92 Group A stocks on BSE have underperformed the Sensex. While the Sensex has shed 483 points or 12.7 per cent post-Budget, a large number of these scrips have crashed by over 30 per cent thanks to heavy selling by FIIs and local operators. As the bears take the centrestage, a host of scrips, both pivotals and non-pivotals, have gone for a toss.The top loser is Sterlite Industries, which has fallen by 41.6 per cent to Rs 204.4 from a level of Rs 350 on May 29. The other major losers include Lakme, which fell by 37.95 per cent, Apollo Tyres 37.69 per cent, Digital Equipment 37.66 per cent, LML 36.84 per cent, Crompton Greaves 36.48 per cent, Godrej Soap 35.48 per cent, Finolex Cable 34.38 per cent, Garware Polyester 34.5 per cent, Philips 33.85 per cent and United Phosphorous 32.86 per cent.
Even defensive stocks like SBI lost 21.5 per cent, MTNL 18.7 per cent,BHEL 23.06 per cent, Hind Lever Chemicals 14.11 as they failed to withstand the selling wave triggered off in thepost-budget session since June 1.
Some of the software scrips which led the market rally in the pre-Budget session have been hammered on the bourses -- Pentafour Software shed 36.73 per cent, NIIT 29.2 per cent and Infosys Technology 15.4 per cent.
Nearly 28 scrips have also lost their value from the pre-budget level by more than 20 per cent. Some of the prominent losers in this category are Oriental Bank 28.98 per cent, Siemens 29.49 per cent, Essel Packaging 29.93 per cent, Arvind Mills 25.23 per cent, etc. The last Friday saw as many as 40 scrips in the A group fall by 9-10 per cent and had hit the lower end of the circuit -- Century Textiles, LML Limited, Oriental Bank, Satyam Computers, Siemens, Pentafour Software, Carrier Aircon, Videocon international, IDBI, Reckitt & Coleman, NIIT, and Infosys.
Also, as many as 30 companies have either hit their 52-week low or they are within the striking distance of their respective 52-week lows till the close of the Friday: IDBI, SBI, MTNL, M&M, ColgatePalmolive, Telco, Tata Power and Carrier Aircon. FIIs like Morgan Stanley and Jardine are believed to have taken up delivery-based selling in SBI, BHEL and Cadburys during the last week.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.