Top Losers of the Day – Bajaj Auto and M&M Lead the Decline on October 17, 2024

On October 17, 2024, the Indian stock market sharply declined, with both key indices closing in negative territory. The BSE Sensex dropped by 494.75 points (0.61%), settling at 81,006.61. Similarly, the Nifty50 index also experienced a loss, falling by 221.45 points (0.89%) to close at 24,749.85. This downturn reflects broader market pressures and investor caution.

Here are the top 5 losers for today from the Nifty 50 universe:

• Bajaj Auto Ltd: Bajaj Auto was the largest loser, witnessing a significant decline of 13.11%. Bajaj Auto’s share price opened at ₹11,222.20 and reached a low of ₹10,071 before closing at ₹10,093.50, down from its previous close of ₹11,616.95. Weaker-than-expected quarterly earnings and concerns over export sales drove the steep drop.
• Shriram Finance Ltd: Shriram Finance share price saw a 4.11% decline, closing at ₹3,251.20. The stock opened at ₹3,379.00 and dropped to an intraday low of ₹3,245.95. 
• Mahindra & Mahindra Ltd: Mahindra & Mahindra share price dropped by 3.52%, closing at ₹2,960. The stock opened at ₹3,055.00 and saw an intraday low of ₹2,952.20.
• Nestlé India Ltd: Nestlé India share price saw a 3.44% drop, closing at ₹2,377.65. The stock opened at ₹2,474.95 and fell to a low of ₹2,365.00 during the day. The decline came as analysts downgraded the stock due to concerns over rising input costs impacting margins.
• Hero MotoCorp Ltd: Hero MotoCorp’s share price fell by 3.39%, closing at ₹5,214.95. The stock opened at ₹5,363.05 and dropped to a low of ₹5,100.00. Concerns over slowing demand in the two-wheeler segment and higher input costs squeezing margins drove the decline.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.