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A wave of selling among the NSE stocks that were in the Rs 20 + category (outside NSE Nifty and Nifty Junior) has baffled market players here who do not know any specific reason for the sharp fall in these stocks.
But according to media reports, it could be that the shares were being liquidated due to margin pressures though there was no means of verifying them.
The decline in share prices ranged from near 25 per cent in the case of Tulip Telecom to about 11.31 per cent in the case of Radico Khaitan .
Tulip Telcom fell 25.14 per cent to Rs 88.60 with a traded volume of 1.92 crore shares on the NSE. Era Infra fell 20 per cent to Rs 115 and three stocks Pradip Overseas, Pipavav Defence and Offshore and Glodyne Technologie s fell 19.99 per cent each.
Parsvanath Developers dived by 19.93 per cent to Rs 46.20 and SRS Ltd shed 16.22 per cent to Rs 36.15. Amar Remedies was down by 16.87 per cent to Rs 114.85, Monnet Ispat lost 12.90 per cent to Rs 336.15 and Radico Khaitan was down by 11.31 per cent to Rs 101.95.
Mr Jose C.Abraham, Founder, Fortune Wealth Management Co India Pvt Ltd, Coimbatore, said he was not aware of any specific reason for the fall in the stock prices.
He said it could be because shares pledged by promoters may have been sold off or investors might be dumping them because of poor performance. The selling could also be due to margin pressures (as media reports were saying).
However, the exact reason couldn't be ascertained, he said.
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