Mumbai: Hit by massive sell-off in the stock market, as many as 170 stocks touched their one-year low on the BSE on Tuesday, with the benchmark Sensex plummeting over 650 points.
Among stocks that hit their 52-week low include PNB, Tata Chemicals, IDBI Bank, City Union Bank, Corporation Bank, Federal Bank, Andhra Bank and Adani Enterprises.
Axis Bank shares fell by 9.27 per cent. Shares of Federal Bank tumbled 7.56 per cent, while PNB plunged 6.72 per cent and IDBI Bank (4.59 per cent) on the BSE.
170 stocks hit 52-week low amid market crash
The BSE benchmark Sensex ended the day with a whopping loss of 651.47 points or 3.45 per cent to 18,234.66. Tuesday's fall was the biggest after August 16, when the index lost 769 points.
Tracking weak sentiment across stock market categories, investor wealth was eroded by Rs 1.62 lakh crore. "Nifty lost almost 4 per cent on Tuesday following weakening rupee below 67 level and news of Syrian and US disturbances, which created panic in the market.
Selling was widespread among all prominent sectors. European indices also opened weak and further dampened the market sentiment," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.
The rupee on Tuesday dipped below the 68 level against the US dollar in pre-close trade on heavy capital outflows, amid reports that S~~amp;amp;P sees more than one-in-three chance of a downgrade in the country's rating.
From the Sensex components, 28 ended the day in red, while only Coal India and Mahindra ~~amp;amp; Mahindra managed to make gains. Hero MotoCorp was the worst performer among the Sensex blue-chips, falling 6.58 per cent.
All the BSE 13 sectoral indices ended the day with losses, with banking index taking the biggest hit. Defying the weak markets, 44 stocks scaled their 52-week high.