RBL Bank, Bajaj twins, Tata Steel bleed among other stocks as they hit 52-week lows

RBL Bank was among the biggest losers in trade on Monday as shares of the bank tanked as much as 19.32 percent, hitting a new 52-week low of Rs 90.90 on the NSE.

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

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

Among other prominent stocks that touched a new 52-week low today in trade were the Bajaj twins.

Bajaj Finance stock opened 2.51 percent lower from its previous close and fell as much as 5.68 percent, touching a 52-week low of Rs 5,345.55 on the NSE, whereas Bajaj Finserv fell over 6 percent, hitting a new 52-week low of Rs 11,482.45 on the NSE.

In tandem with the iron and steel sector, which fell significantly, Tata Steel fell over 3 percent to a new 52-week low of Rs 991.25 on the NSE.

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

Shares of UltraTech hit a fresh 52-week low of Rs 5,337, down 3.15 percent today in intra-day trade. The shares have been reeling under pressure ever since the company announced a capex plan for adding 22.6 million tonne capacity in the first week of June. Further, the cost of cement companies is on the rise, which could be contributing to the spiralling investor mood.

Indian market is echoing the rest of the equity markets as a sell-off is being seen across the globe. Investors can be seen backing off while they expect aggressive rate hikes by the US Federal Reserve in its upcoming policy meeting on Wednesday.