Rail budget 2013: Railway stocks under pressure, tank as much as 8 percent
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Share prices of companies that cater to the railway sector were under pressure and tanked as much as 8 per cent 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 per cent on the BSE, followed by Hind Rectifiers which dropped 6.71 per cent and Kernex Microsystems which fell by 6.42 per cent.Among others, Stone India tanked 6.53 per cent, Titagarh Wagons was down 5.65 per cent, Texmaco Rail (down 4.87 per cent), Zicom Security (down 3.60 per cent) and BEML (down 2.17 per cent).
Meanwhile, the benchmark sensitive index Sensex was trading in the negative territory and was down 162.98 per cent at 19,168.71 points.
Commenting on the downtrend, market players said, thesestocks 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.