Stock Overview on Torrid Thursday: Stocks That Bled the Most on Nifty 500

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Stock Overview on Torrid Thursday: Stocks That Bled the Most on Nifty 500
Credit: © Reuters.

By Malvika Gurung -- Punjab National Bank (NS: PNBK )

Shares of the public lender plunged 14.46%, led by a weak technical set-up on daily charts.

Public sector banking stocks slumped on Thursday, with the sectoral index Nifty PSU Bank tanking the most to 8.3%. Nifty Bank ended 5.8% lower.

Rain Industries (NS: RAID )

Shares of the chemicals manufacturer tanked 13.4% on Thursday amid aggravating tensions between Russia and Ukraine, like Moscow, on Thursday announced military operations in Eastern Ukraine, ringing bells of an impending Russian invasion of Ukraine.

The mid-cap chemicals stock has a distillation capacity in Russia, which led to a further fall in the company’s shares.

Indus Towers (NS: INUS )

The leading mobile tower installation company was the biggest loser on the broadest market index Nifty 500. Shares of the company ended 18.14% lower at Rs 206 apiece. 

Besides the external headwinds, the telecom infrastructure provider slumped after the British telecom player Vodafone (LON: VOD ) Plc announced to offload its stake in the company.

Vodafone announced that it would sell a 2.4% stake in Indus Towers to telco Bharti Airtel (NS: BRTI ) through a block deal on Thursday.

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