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Severe Market Correction Drives RailTel Corp Shares Down by 20%

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2 months ago

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RailTel Corp shares witnessed a sharp decline of 20% in the latest trading session due to significant selling pressure in small-cap stocks, plunging to Rs 308.40 and hitting its lower price band amidst heavy trading volumes on BSE.

Analysts attribute the bearish trend in small and mid-cap stocks to Sebi‘s crackdown on over-speculation, ensuring market participant protection. The market saw a dip below recent consolidation levels, exacerbating investor pessimism.

VK Vijayakumar, from Geojit Financial Services, expressed concern over the sustained weakness expected in the broader market, notably in the small-cap sector, due to excessive valuations prompted by retail investor exuberance.

ICICI Securities noted that mid- and small-cap indices surged by 35% since October 2023, with a standard 12% correction amid a bull market. RailTel’s stock price was under various moving averages but above others, with an RSI at 9.22.

RailTel Corp, a Mini Ratna (Category-1) PSU, is a leading information and communications technology (ICT) provider in India with a vast optic fiber network, while the government holds a 72.84% stake. Living Media India Limited disclaims providing stock market news as investment advice, urging readers to consult financial advisors for investment decisions.

Rachel Adams

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