Balu Forge shares plunge 20%. Is the rout done or is more pain ahead?
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Balu Forge Industries share price sank as much as 20% on Wednesday, sliding to Rs 466.85 on the BSE, as heavy selling pressure pushed the stock deeper into a prolonged downtrend and left investors questioning whether the steep correction has further to run. The sharp fall came with elevated trading activity. About 50.66 lakh shares changed hands on the NSE, with turnover of roughly Rs 248.59 crore, even as there was no immediate company-specific trigger identified for the day’s decline. The sell-off knocked the company’s total market capitalisation down to Rs 5,304.04 crore. Prolonged slide weighs on sentiment Wednesday’s drop extended a losing streak that has now stretched to six consecutive trading sessions, during which the stock has shed nearly 23%. Over a longer horizon, the picture is even more sobering: Balu Forge shares are down 38% over the past one year and have fallen 32% in the last six months, signalling sustained pressure on...