INSUBCONTINENT EXCLUSIVE:
the country has claimed the livelihood of lakhs of people
New projects and investments have been put on hold, while a revival could take longer as investor confidence in companies cut a sorry
picture at the exchanges.Data from the bourses suggest that in just the past one year, the automobile and manufacturing companies, have seen
over one-third of their share value getting eroded, on average, indicating a sharp decline in these companies' abilities to raise capital in
the market.During the period in consideration, the Nifty metal index has lost the most among the 11 sectors constituting the benchmark
index.Manufacturing companies like SAIL and Jindal Steel, which constitute the metal index, declined by 35 per cent, on an average.Not a
distant second was the auto index, which fell over 33 per cent.Among the 15 constituent stocks of the auto index, Tata Motors, Motherson
Sumi Systems and Ashok Leyland have been worse hit, losing 55 per cent, 66 per cent and 51 per cent, respectively
Bajaj Auto seems to have bucked the trend, coming down merely 2 per cent amid companies severely hurt owing to the slowdown.Latest data
shows that automobile sales for the month of August hit the lowest since 1997-98.Steel companies are witnessing a similar trend
The state-owned Steel Authority of India (SAIL) has lost over 57 per cent, while Jindal Steel has also shed over half of its share value in
the last one year.Six of the 15 companies constituting the index have lost over 40 per cent of their share value.The state-run bank index -
Nifty PSU Bank index - despite a slew of measures that have been announced for the sector, has yet to regain investor interest
The PSU (public sector undertaking) bank index has declined by 21 per cent during the same period.The Nifty pharma index - investment in
which firms are considered to be relatively safe during downturns, and, therefore, called defensive investments -- fell 22 per cent.The
Nifty media index also shed over 30 per cent.Get Breaking news, live coverage, and Latest News from India and around the world on
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