Power Finance, Bharat Electronics, Adani stocks lead losses in India's BSE 100 index

Power Finance

04/06/2024 09:04

** India's S&P BSE 100 index  .BSE100  tumbles 6.4%, on
course for worst session since March 2020 when markets sank on
COVID-19 lockdown restrictions
    ** Fall as vote-counting trends show Prime Minister Narendra
Modi's alliance falling short of the predicted landslide victory
    ** Eighty-eight of BSE 100 stocks log losses; Power Finance
Corporation  PWFC.NS , Bharat Electronics  BAJE.NS  down 21% and
20%, respectively
    ** ONGC  ONGC.NS  tumbles 16%, on course for biggest
single-day percentage fall since March 2020
    ** "Clear cut panic selling in state-owned companies due to
concerns over likely coalition rule, which could lead to delays
in decision making," says Sunny Agrawal, head of fundamental
equity research at SBICAPS Securities
    ** Agrawal adds, panic selling and profit booking more
pronounced in segments of markets that have been very buoyant
over the last six months
    ** Adani Enterprises  ADEL.NS  and Adani Ports  APSE.NS 
down 19% each, among the top five losers in BSE 100 
    ** Despite today's fall, PWFC, BAJE, ONGC, Hindustan
Aeronautics  HIAE.NS , ADEL and APSE up between 22% and 89% over
last six months vs 11% rise in BSE 100 
    

 (Reporting by Bharath Rajeswaran in Mumbai)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))