Shipping stocks eroded over Rs 7,000 crore in market capitalisation on Tuesday as most shares declined. The market capital of these companies declined by Rs 7,007.71 crore to Rs 2.72 lakh crore as of 3:07 p.m.
Most of these stocks have been declining for the past three to five sessions on likely profit booking tracking their prior rally. As of 3:14 p.m., Garden Reach Shipbuilders & Engineers Ltd. and Cochin Shipyard Ltd. remained locked in the 5% lower circuit and were the worst-performing stocks.
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Garden Reach Shipbuilders & Engineers Ltd. hit a 5% lower circuit and fell to Rs Rs 2,099 per share, emerging as the worst-performing stock among peers. The stock has been falling for five sessions in a row.
Similarly, Cochin Shipyard Ltd. also hit a 5% lower circuit and fell to the lowest level of Rs 2,290 apiece during the day.
Meanwhile, Essar Shipping Ports & Logistics Ltd. snapped a seven-session decline on Monday. The stock rose as much as 4.99% to Rs 50.71 per share and was the best-performing stock. It was trading 1.45% higher at Rs 49.00 as of 3:16 p.m.
The second-most-gaining stock, The Great Eastern Shipping Co., reversed a three-day rally and rose as much as 6.30% to Rs 1,340.00 per share. The stock was trading 2.51% higher at Rs 1,292.25 as of 3:17 p.m.
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