Mumbai, Oct 23: Share prices of top index stocks from the Old Economy touched their new 52- week low levels on Monday. This included State Bank of India (SBI) and ICICI. Slow down in the economy and low credit off-take is being causing concern among the market players.Other Old Economy stocks Gujarat Ambuja, Larsen & Toubro, Telco, were the other counters touching their 52-week low levels.
SBI stock on Monday touched low of Rs 155.50 before closing at Rs 155.95, while ICICI closed a Rs 69.30 and the counter touched the day's low of Rs 68.45.
Second quarter results for ICICI has been much lower than the market expectation, analysts said and the slowdown in the economy also a matter of concern as there is a feeling that the credit off-take might also have a slower growth.
SBI, whose board meets later this month for financial results, is also not likely to post good growth during the period.
In other old economy stocks Telco touched its new low of Rs 68 before recovering marginally to close the day at Rs 69. This price is one of the lowest for Telco scrip in the last 15 years according to analysts tracking the company. Auto major Mahindra & Mahindra touched its new low of Rs 135.10 and Guj Ambuja closed at Rs 130.30.
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