Indian benchmark indices fell sharply on Monday as concerns over Middle East tensions grew with Trump rejecting Iran's Peace deal, increasing inflation, and Fed rate hike expectations. The Nifty 50 fell 1.34% to the 22,831 level around 11:35 am, while the BSE Sensex declined 1.33% to the 72,912.17 level.
Against this backdrop, several mid-cap stocks were among the biggest losers, with declines ranging between nearly 3% and over 4%. Bank of India, Yes Bank, Nippon Life India Asset Management, and Bank of Maharashtra were among the stocks witnessing the sharpest falls.
Banks and Financial Services Lead the Losses
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Bank of India shares fell 4.13% to Rs 132.24. The stock has declined 8.13% over the past 30 days, while it remains up 13.73% over the past year.
After the PSU bank, a private sector bank, Yes Bank, was down 4.09% at Rs 21.58, compared with its previous close of Rs 22.50.
Financial services companies also came under pressure. Nippon Life India Asset Management declined 3.85% to Rs 1,111.80. NAM-India came under pressure even after delivering 29.9% over the past year.
Another PSU bank was among the top 10 mid-cap losers today. Bank of Maharashtra declined around 3.51% to Rs 81.9 apiece on NSE. The PSU bank rallied more than 51.71% over the past year.
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Medanta, Vodafone Idea Among Other Losers
Medanta shares declined 3.37% to Rs 1,442.30, while Vodafone Idea fell 3.30% to Rs 13.79.
National Aluminium Company Ltd. also came under pressure, falling sharply by 3.28% to Rs 344.95. The stock has fallen 12.13% over the past 30 days but remains up 73.02% over the last year.
Then come shares of Escorts Kubota, which declined around 3.02% to Rs 2,769.5.
The final two stocks on this list of top 10 mid-cap losers are again from banks and financial services. IDFC First Bank declined 2.96% to Rs 81.32, while SBI Cards and Payment Services fell 2.90% to Rs 595 apiece on NSE around 11:49 am.
Around 11:54 am, the Nifty Mid-cap 150 index was down by 1.35% to 22,133.8 level.
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