Nazara Tech To BoB: These Stocks Recovered Most After Post-Election Slump

The Indian stock market saw its largest sell-off in four years on Tuesday, as the Lok Sabha election verdict varied from exit poll predictions, with the National Democratic Alliance winning by a slim margin.

The NSE Nifty 50 fell as much as 8.5% intraday on Tuesday, a day after markets had risen 3.5% on expectations of a landslide victory for the incumbent.

But despite the wide swing, these five stocks remained net wealth creators:

The company's subsidiary, Absolute Sports, announced the acquisition of the US entertainment content website on Wednesday for a cash consideration of Rs 11.7 crore.

Absolute Sports, which is the parent company of Sportskeeda.com and ProFootballNetwork.com, is now set to buy SoapCentral.com and close the deal within the next 30 days.

The company announced a successful Phase-1 expansion of its subsidiary, Nabha Steels and Metals, on Monday.

The manufacturer and supplier of steel tubes and pipes is now set to deliver a production of 5,000 metric tonnes per month of hot-rolled coils, which is a raw material used in the production of electric-resistance welded steel pipes.

The second expansion phase is expected to commence soon and aid its Mandi Gobindgarh Punjab plant's operations, as well as increase its Ebitda per tonne by Rs 2,000 per tonne, according to the company.

With the exit polls painting a favourable picture for government-owned stocks, shares of the bank rallied to their highest level on Monday, before paring gains by over 16% on the day of the results.

Since then, the bank has recovered by about 8% and is trading higher than the closing price on Friday.

The integrated natural gas company fell over 14% on the results date after rising over 12% on Monday. This was on the back of a weaker outlook for government undertakings on the day of the results.

However, the city gas distributor was one of the top Nifty Oil & Gas gainers in trade on Thursday, rising over 8% intraday as the Petroleum and Natural Gas Regulatory Board withdrew its notice ending market exclusivity. GAIL India now has extended market exclusivity in select geographical areas.

The country's largest private producer of thermal power announced the allotment of 50 lakh shares of Mirzapur Thermal Energy UP Pvt., turning it into a subsidiary.

The subsidiary, which was earlier owned by Adani Infra (India) Ltd., is yet to commence commercial activities.

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