Railway stocks under pressure, tank as much as 8%
Mumbai: Share prices of companies that cater to the railway sector were under pressure and tanked as much as 8 percent on the bourses as Railway Minister Pawan Kumar Bansal delivered his maiden Rail Budget in the Lok Sabha.
Kalindee Rail Nirman was the largest loser and dropped 8.10 percent on the BSE, followed by Hind Rectifiers which dropped 6.71 percent and Kernex Microsystems which fell by 6.42 percent.
Among others, Stone India tanked 6.53 percent, Titagarh Wagons was down 5.65 percent, Texmaco Rail (down 4.87 percent), Zicom Security (down 3.60 percent) and BEML (down 2.17 percent).
Meanwhile, the benchmark sensitive index Sensex was trading in the negative territory and was down 162.98 percent at 19,168.71 points.
Commenting on the downtrend, market players said, these stocks are under pressure as concerns were rife as to whether there would be a fare hike.
They said there might be a fuel adjustment component to adjust for the recent diesel price revision.