India's Shyam Metalics hits record low

Shyam Metalics and Energy

28/02/2023 07:30

** Iron and steel manufacturer Shyam Metalics and Energy Ltd
 SHYE.NS  fall as much as 1.9% to 272.05 rupees to its record
low
    ** Stock has remained under its 200-day moving average since
Feb. 14
    ** Stock on track to fall in ninth consecutive session, if
losses hold  
    ** The relative strength index is at 24.78, indicating the
stock is oversold
    ** The moving average convergence divergence line has been
below the signal line since Jan. 27, signaling bearish bias
    ** Over 66,000 shares traded as of 12:49 p.m. IST, half the
30-day moving average
    ** Stock fell 8.5% last year after an 8.9% drop in 2021 from
its close on IPO launch on June 24, 2021

($1 = 82.6850 Indian rupees)
    

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com;))