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

Power Finance

04/06/2024 09:21

(Updates)
    ** India's S&P BSE 100 index  .BSE100  tumbles 6.4%, set 
for worst session since March 2020 when markets sank on COVID-19
lockdown restrictions
    ** Fall after vote-counting trends show PM Modi's alliance
falling short of 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%, set 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, SBICAPS Securities
    ** Adds, panic selling, profit booking more pronounced in
segments of markets that have been buoyant over last six months
    ** Adani Enterprises  ADEL.NS  and Adani Ports  APSE.NS 
down 19% each, among top five losers in BSE 100 
    ** Despite today's fall, PWFC, BAJE, ONGC, Hindustan
Aeronautics  HIAE.NS , ADEL, APSE up 22%-89% over last six
months vs 11% rise in BSE 100 
    

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Performance of key BSE 100 stocks over the last six months    https://reut.rs/3VtUmt7
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 (Reporting by Bharath Rajeswaran in Mumbai)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))