Railways’ Stock Market derails on Profit bookings

Titagarh Wagons, Kalindee Rail Nirman, Kernex Microsystems and Hind Rectifiers are down 3-9% on the BSE.

मुंबई Mumbai: Railway stocks such as Titagarh Wagons, Kalindee Rail Nirman, Kernex Microsystems and Hind Rectifiers have plunged by up to 9% due to profit-booking on the BSE.

Most of these stocks have seen a sharp run-up in the past few trade sessions on expectations that these companies would bag orders from the new government.

Since April 21, Titagarh Wagons, Kalindee Rail Nirman and Kernex Microsystems had rallied 24-60% after BJP’s prime ministerial candidate Narendra Modi indicated major reforms if voted to power.

Titagarh Wagons, the largest loser among rail stocks, has plunged by 9% to Rs 194 on the BSE. The stock had rallied 60% from Rs 132 on April 17 to Rs 212 on Monday. The benchmark S&P BSE Sensex had declined 0.64% during the same period.

Among other stocks, Kalindee Rail Nirman has dropped by 8% to Rs 81, followed by Kernex Microsystems (7% at Rs 44) and Hind Rectifiers (3% at Rs 39).

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