The power stocks on Tuesday saw a major downturn due to profit-booking in response to initial indications of a mixed outcome in the results for Lok Sabha elections.
(Representational Photo: Istock)
The power stocks on Tuesday saw a major downturn due to profit-booking in response to initial indications of a mixed outcome in the results for Lok Sabha elections.
The BSE Power index plummeted as much as 8.71 per cent, hitting an intraday low of 7,562.72 levels.
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The index had surged as much as 8.15 per cent on Monday after exit polls indicated a decisive victory for the BJP-led NDA.
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During the morning trade, Adani Green, Adani Energy, and Adani Power saw whopping declines of 18.29 per cent, 14.18 per cent, and 13.6 per cent, respectively. Another key stock, Suzlon, dropped 4.98 per cent.
Other major players such as BHEL, NTPC, Power Grid, NHPC, ABB, CG Power, Tata Power, Siemens, and JSW Energy also saw notable declines ranging from 4.50 per cent to 9.90 per cent.
As of 12 noon on Tuesday, the Sensex continues its downward trend, down by 4470.38 points, trading at 71,998.40.
India Volatility Index (VIX), has advanced 30 per cent in the session after tanking 15 per cent. INDIA VIX has inched 7.21 points, or 34.38 per cent higher at 28.17.
Most PSU stocks are in free fall after trends suggest that the BJP may fall below 272 seats.
As per trends emerging on the voting count day, the BJP-led NDA is poised to return to power but with a weaker majority compared to the last two elections. The BJP has inched closer to the 300-mark according to the latest trends.
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