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Rbl Bank, Bajaj Twins and Tata Steel bleed among other stocks as they hit 52-week lows in trade


As many as 46 stocks hit their respective 52-week lows on the NSE today from the Nifty 500 index. India’s benchmark equity indices – Nifty 50 and Sensex opened 2% and 2.06% lower respectively as high inflation figures weighed on investor sentiment on Dalal Street.

US inflation hit its highest level in 40 years, reaching 8.6% in May. India is not far behind, with CPI inflation at 7% the previous month.

At around 1:00 p.m., the Nifty 50 index was 2.88% or 466 points down.

The share opened at Rs 102.25 on the NSE as investors expressed concern over the appointment of R Subramaniakumar as managing director and CEO of the bank. The appointment of the new CEO is for a period of 3 years, with Rajeev Ahuja’s term ending on June 24.

Rbl Bank, Bajaj Twins and Tata Steel bleed among other stocks as they hit 52-week lows in trade

Coforge, Gujarat Gas, UTI AMC, VMart (V-Mart Retail), GSPL (Gujarat State Petronet Limited), Astral, Can Fin Homes, IPCA Labs, Muthoot Finance also hit 52-week lows today.

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Other prominent stocks that hit a new 52-week low today in trading were the Bajaj twins.

Rbl Bank, Bajaj Twins and Tata Steel bleed among other stocks as they hit 52-week lows in trade

Bajaj Finance stock opened 2.51% lower than its previous close and fell as low as 5.68%, hitting a 52-week low of 5,345.55 rupees on the NSE, while Bajaj Finserv fell by more than 6%, reaching a new 52-week low of 11,482.45 rupees. on the ESN.

Along with the iron and steel sector, which fell significantly, Tata Steel fell more than 3% to hit a fresh 52-week low of Rs 991.25 on the NSE.

The cement sector also saw some pressure during the morning session as UltraTech Cement and Shree Cement hit their respective 52-week lows on the NSE.

Shares of UltraTech hit a new 52-week low at 5,337 rupees, down 3.15% today in intraday trading. Shares have been under pressure since the company announced an investment plan to add 22.6 million tonnes of capacity in the first week of June. In addition, the cost of cement companies is rising, which could contribute to the surge in investors.

Rbl Bank, Bajaj Twins and Tata Steel bleed among other stocks as they hit 52-week lows in trade

The Indian market echoes the rest of the stock markets as a sell-off is seen across the globe. Investors can be seen backing off as they expect aggressive rate hikes from the US Federal Reserve at its next policy meeting on Wednesday.

First post: STI


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