50% of Sensex stocks sink over 5%; Tata Motors, RIL, TCS hit 52-week lows
BIZ DESK
The Benchmark domestic equity indices, Sensex and Nifty, were trading over three and half per cent low in forenoon trade today, triggered by sharp declines across global markets amid escalating trade tensions. The 30-share BSE Sensex nosedived 2,646 points to 72,71,9, and the NSE Nifty50 plummeted 853 points to 22,051 when reports last came in.
Half of the 30 Sensex stocks plunged over 5 per cent on the BSE in the intraday trade as risk-averse sentiment gripped Dalal Street amid US President Donald Trump’s aggressive reciprocal tariff announcement.
Among the hardest hit stocks, Tata Steel (11.5 per cent), Tata Motors (10.3 per cent; at 52-week low), Infosys (9.9 per cent), IndusInd Bank (9.4 per cent), Adani Ports (9.3 per cent), M&M (9.1 per cent), L&T (8.9 per cent), Tech M (8.4 per cent), HCL Tech (8.3 per cent), Kotak Mahindra Bank (8.1 per cent), Sun Pharma (8.1 per cent), RIL (7.4 per cent; at 52-week low), TCS (7.2 per cent; at 52-week low), Bajaj Finance (7.1 per cent), and Axis Bank (5.1 per cent) dropped between 5 per cent 12 per cent in the intraday trade.
Tata Motors share price sank 10.31 per cent to ₹550.55 per share after its UK-arm Jaguar Land Rover said it has halted exports to the US this month, in the fallout of Trump’s 25-per cent tariff on non-US manufactured cars.
The US, JLR said, is an important market. However, as the company looks to address the new trading terms, it has decided to “enact” its “planned short-term actions including a shipment pause in April”.
As per Bloomberg estimates, JLR sold 430,000 vehicles globally in financial year 2023-24 (FY24). Of this, US accounted for 23 per cent of JLR’s revenue and 26 per cent of the wholesale volumes in the financial year.