Indian equities witnessed one of the worst weeks in the history of stock markets after the coronavirus outbreak was declared a pandemic by the World Health Organization (WHO). For the week ended 13 March, the benchmark BSE Sensex slid by a massive 3,473.14 points, or 9.2%, to 34,103.48 points, while the Nifty 50 lost 965.80 points, or 8.7%, to 10,023.70 points. Here’s a look at the top gainers and losers among the Nifty stocks for the week:
ONGC: Oil and Natural Gas Corp. Ltd (ONGC) shares nosedived 25.5% this week as shares of oil and gas companies plunged after crash in crude oil prices raised concerns over the earning prospects.
Vedanta: Vedanta Ltd shares cracked 24.3% during the week amid a broader decline in metal stocks. India Ratings and Research also revised its outlook on Vedanta to ‘negative’ from ‘stable’ while affirming its long-term issuer rating at IND AA.
Gail: Gail (India) Ltd crashed 21.6% this week on concerns that falling crude prices would hit the company’s US LNG margins, while LPG realization might also suffer.
Tata Motors: Tata Motors Ltd shares lost a whopping 21.4% during the week after the company lowered its EBIT (earnings before interest and tax) margin guidance for Jaguar Land Rover (JLR) by 1% (from around 3% earlier) due to a steep decline in China retail sales and supply-chain disruption.
IndusInd Bank: IndusInd Bank Ltd shares shed 20.8% this week amid rumours floating in the market over its financial health and also over its possible investment in Yes Bank.
Yes Bank: Yes Bank Ltd shares soared 58.2% this week after crashing over 53% last week as State Bank of India (SBI) said it would infuse Rs 7,250 crore into the ailing bank.
Bharti Infratel: Bharti Infratel Ltd shares climbed 11.6% during the week on reports that the Cabinet may approve a relief package for the telecom sector which could include the option of AGR payment over several years. This helps Bharti Infratel as the tenancy of the tower business depends upon the survival and viability of telecom operators like Vodafone Idea.