Today’s stock market witnessed a significant downturn in the Nifty-50 stocks, led by major public sector companies. Power Grid, Coal India, ONGC, and NTPC experienced substantial losses, with their stock values plummeting by up to 6%. This decline placed considerable strain on the broader Public Sector Enterprises (PSE) segment.
The Nifty PSE Index, heavily influenced by NTPC Ltd and Power Grid Corporation—holding weightages of 14.08% and 11.38% respectively—fell over 5%. The decline in these stocks was a key factor in the overall downturn of the index. Additionally, Power Finance Corporation and Hindustan Aeronautics Ltd saw their shares decrease by 6-7%, while NHPC Ltd experienced the steepest drop in the index at nearly 8%.
Other prominent public sector units like LIC, SAIL, BHEL, and REC also faced adverse impacts, with their share prices dropping more than 5%. The widespread losses across these companies indicate a broader challenge facing the PSU sector, as investors showed concern, potentially expecting a further decline of up to 15% in the PSU index.
