Shares of Tata Steel have tumbled 41 per cent from their 52-week high amid highly volatile domestic market impacted by negative global cues. Tata Steel stock, which hit a 52-week high of Rs 1,534.60 on August 16, 2021 is currently trading at Rs 906, translating into a decline of 41 per cent during the period.
Shares of Paytm (listed as One97 Communications) gained 3 per cent on Monday after the Vijay Shekhar Sharma-led firm reported a 492 per cent rise in number of loans disbursed through its platform in Q1 on a year-on-year (y-o-y basis). The number of loans rose to 8.5 million in the quarter ended June 2022, while the value of loans disbursed grew 779 per cent y-o-y to Rs 5,554 cr ($703 million).
Shares of Adani Wilmar and Ruchi Soya have for long been among favourite picks of investors, considering their strong backing by Adani Group and Patanjali Ayurved. Ruchi Soya, which was renamed as Patanjali Foods, on June 24 is listed as Ruchi Soya Industries on NSE and BSE.
Shares of Reliance Industries Ltd (RIL) were in focus today after the government-imposed taxes on export of petrol, diesel and jet fuel (ATF) shipped overseas by Indian firms on Friday. It also levied taxes on windfall gains made by crude oil producers.
RIL stock ended 7.14 per cent or Rs 185 lower at Rs 2,408 on Friday. RIL shares plunged 8.66 per cent intraday to Rs 2,369.45 in the previous session.
The Indian stock market has plunged 9 per cent in the first half of 2022, leaving investors worried about the future of their portfolios amid highly volatile global indices. While Sensex has lost 8.96 per cent, Nifty is down 9.01 percent since the beginning of this year.
The market was heading toward its all-time highs in the middle of January but the Russian attack on Ukraine took the steam out of the rally.
Sensex, which closed at 61,308 on January 17, 2022, is down 13 per cent till date. Similarly, Nifty has lost 13 per cent from January 17 closing of 18,308. Russia attacked Ukraine on February 24. The war initiated correction in the global markets which analysts said were already highly overvalued.