PSU Stock Crash: PSU stocks crashed due to BJP not getting majority, Adani Group shares also crashed

PSU Stocks Crash :On the day of the results of the Lok Sabha elections, the NDA has got a majority, but the BJP seems to be far from the majority figures. At the same time, these results are far from the figures of the exit poll (Exit Poll 2024). This has created a negative sentiment in the stock market. The result of this is that today there is a huge decline in PSU stocks. Today many stocks included in the BSE PSU index have weakened in double digits.

PSU Bank Index fell 15% (PSU Stocks Crash)

Shares of public sector companies and government banks fell by up to 15 percent on Tuesday. The Nifty PSU Bank index fell by a massive 839.55 points or 10.49 percent to 7166.60. Shares of Punjab and Sind Bank on NSE fell by 14.75 percent to Rs 55.50. Shares of Indian Bank fell to Rs 528.75 and Union Bank was trading marginally lower at Rs 148.90.

Apart from these, the share of public sector State Bank of India (SBI) fell by 11.73 percent to Rs 799.45. Shares of Punjab National Bank and Bank of Baroda fell by 10-10 percent to Rs 123.30 and Rs 267.25. The Nifty Bank Index fell by 2806.40 points or 5.50 percent to 48,173.55.

Nifty PSE index weakened 11 percent

The Nifty PSE index was also trading 1221.55 points or 10.78 per cent lower at 10,110.25. Shares of Bharat Electronics Limited (BEL), PFC, RECL and Bharat Heavy Electricals fell by 15 per cent. Shares of Hindustan Aeronautics, Container Corporation of India, ONGC, Coal India, NTPC, Gas Authority of India, SAIL and Power Grid also fell by 10 per cent each on the NSE.

Selling in Adani Group shares (Adani Group Stocks Crsah)

There has been a huge decline in the shares of Adani Group companies. On BSE, the share of Adani Ports fell by 20 percent, Adani Energy Solutions by 19.80 percent, Adani Power by 19.76 percent, Ambuja Cements by 19.20 percent and the share of the group’s flagship company Adani Enterprises by 19.13 percent. Adani Total Gas shares fell by 18.55 percent, Adani Green Energy by 18.31 percent, NDTV by 15.65 percent, ACC by 14.49 percent and Adani Wilmar by 9.81 percent.