Indian stock markets posted the worst weekly loss since 2009 as coronavirus fears triggered a global sell-off. For the week ended 28 February, the benchmark BSE Sensex crashed by as massive 2,873 points, or 7.5%, to end at 38,297.29, while the Nifty 50 index tumbled 879 points, or 7.8%, to 11,201.75. While none of the 50 Nifty stocks registered gains at the weekly level, here’s a look at the top five losers:
Vedanta: Vedanta Ltd shares plunged nearly 20% this week amid a broader decline in metal stocks that were the most hit in the recent selloff. The company’s board also approved the first interim dividend of Rs 3.9 per equity share for the financial year 2019-20 aggregating to Rs 1,500 crore.
Tata Motors: Tata Motors Ltd shares lost 18.6% during the week on reports that the Competition Commission of India (CCI) is examining allegations that the company and two finance firms of its $100 billion parent group abused their market position while selling commercial vehicles.
Hindalco: Hindalco Industries Ltd shares slumped 17.9% this week on concerns of demand slump due to the coronavirus outbreak in top consumer China.
JSW Steel: Like other metal stocks, JSW Steel Ltd shares were also down 16.4% for the week. Meanwhile, Fitch Ratings revised the outlook on the company’s long-term issuer default rating (IDR) to ‘negative’ from ‘stable’ and affirmed the IDR at ‘BB’. It said the outlook revision reflects the risks in JSW Steel’s ability to deleverage and generate positive free cash flow due to various challenges in the Indian market.
Tata Steel: Tata Steel Ltd shares also lost 13.9% this week as metal stocks crashed.
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