Railway Stocks Derail as Major Players Plunge Up to 20% in Market Shockwave

Railway stocks plummeted up to 20% on Tuesday, with major companies like Titagarh Rail Systems and RailTel leading the downturn. The broader sector saw declines exceeding 18% in key players.

On Tuesday, railway sector stocks tumbled, with declines reaching up to 20%. Notable companies such as Titagarh Rail Systems and RailTel Corporation experienced nearly 20% drops. Other key players like Ircon International, IRCTC, and Texmaco Rail also saw sharp losses exceeding 18%.

The fall in railway stocks coincided with early election results that did not align with the exit polls. Shares of IRFC and Jupiter Wagons declined by approximately 16%. The election trends showed the BJP-led NDA leading in 289 out of 543 seats, which was less than the projected lead by the exit polls predicting over 370 seats for the NDA.

The broader market mirrored the downturn in railway stocks, with significant declines in major indices. The BSE Sensex dropped by 3,307 points, a loss of 4.3%, standing at 73,156, while the Nifty50 fell by 1,061 points to 22,202. This represented a 4.56% decrease, further reflecting the market’s negative reaction to the election trends.

Market volatility spiked significantly as evidenced by the India VIX, which surged by 33.8% to reach 28. The overall market sentiment was bearish, contributing to a substantial reduction in the market capitalization of all listed companies on the BSE, which fell by Rs 21.5 lakh crore to Rs 404.42 lakh crore.

The impact was most severe in the public sector, with the Nifty PSU Bank index experiencing the most significant loss, crashing over 11%. Stocks such as PFC, REC, and BEL within this sector faced declines up to 20%, reflecting widespread investor concerns over the political and economic implications of the election results.

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