New Delhi, July 24: Thanks to Tisco's 60 per cent drop in net profit during the first quarter of fiscal 1999, the stocks of almost all the Tata group companies have taken a heavy beating on the Bombay Stock Exchange (BSE) over the last few trading sessions.On Friday, most of these scrips which include Tata Steel, Tata Engineering & Locomotive Company Ltd (Telco), Tata Chemicals, Indian Hotels, Tata Tea, Tata Power and Tata Hydro-Electric, attracted the lower end circuit filter on the Bombay Stock Exchange.
While Telco lost close to 8 per cent on Friday to close at Rs 126, Tisco lost 7.5 per cent to Rs 105 and Tata Chemicals 6.2 per cent to Rs 110.40. Also, these counters attracted huge volumes on the Bombay Stock Exchange. While 23.50 lakh shares of Tisco changed hands, the trading volumes in Telco and Tata Chemicals were 16.90 lakh and 2.09 lakh shares, respectively.
Surprisingly enough, the current slide in these scrips, except in Tata Hydro, started on July 16. The slide in Tata Hydro started onJuly 17. On July 16 Tisco was trading at Rs 129, Telco at Rs 173 and Tata Chemicals at Rs 126.
On Friday, Indian Hotels lost 3.5 per cent to Rs 327 with a volume of 70,600 shares. The scrip has lost continuously from its July 16 level of Rs 382. Tata Tea, which is on a near continuous downward spiral since April, lost 3 per cent on Friday to close at Rs 274. On July 16 the scrip was trading at Rs 315. On Friday, 11.16 lakh shares changed hands on the Bombay Stock Exchange.
Tata Hydro lost 1.5 per cent on Friday to Rs 83.50 from its previous close of Rs 85. The volume of transaction stood at 12,000 shares. The scrip started its recent slide from the July 17 close of Rs 88.
Tata Power went down marginally on Friday to Rs 87 from its previous close of Rs 87.50 with 97,550 shares changing hands. The scrip closed its July 16 trading at Rs 93.
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