The Indian stock market continued witnessing selling pressure for the fourth consecutive session on Tuesday, 12 May, with the Sensex and Nifty 50 falling more than 1% each during the session. According to reports from Mint, the market decline was attributed to Prime Minister Narendra Modi's austerity call, stalled US-Iran peace talks, elevated crude oil prices, the rupee's fall to a record low, and massive foreign capital outflow. In these four consecutive sessions, the Sensex has crashed more than 2,800 points (3.6%) while the Nifty 50 has shed 3%, leading to an estimated loss of ₹11 lakh crore for investors. The latest trading session saw Oil & Natural Gas Corpn Ltd surge 5.23% to ₹295.7 while Tata Consultancy Services declined 4.04% to ₹2296.3, highlighting the continued volatility across sectors.
Vodafone Idea emerged as one of the most actively traded stocks with over 64 crore shares changing hands as the stock fell more than 4% during the session. As reported by Mint, the telecom stock declined after the company denied receiving communication on the Vodafone Group stake transfer plan. Groww saw significant trading activity with over 50 crore shares changing hands as the stock declined 7% amid reports that existing investors sold 30.91 crore shares. Reports suggested that Peak XV, Sequoia Capital, Ribbit and YC Holdings were planning to sell their stake in the company. Groww parent Billionbrains Garage Ventures will remain in focus after Moneycontrol reported that Peak XV Partners, Y Combinator and Ribbit Capital launched a block deal worth around $500 million to sell part of their stake in the company.
YES Bank recorded trading volume of more than 9 crore shares as the stock declined over 2% during the session. According to Mint, in an exchange filing on 11 May, YES Bank said Moody's Investors Service had upgraded its ratings on the bank's long-term foreign currency issuer rating, long-term deposit rating, etc. HFCL stood out as a notable gainer with over 6 crore shares changing hands as the stock rose more than 3% to hit its 52-week high of ₹153.55. In an exchange filing on 11 May, the company said it had secured export orders worth $19.32 million for the supply of optical fibre cables from renowned international customers. Afcons Infrastructure emerged as the L1 bidder for a railway infrastructure project in Europe valued at ₹7,544 crore.
Several companies announced significant corporate developments and earnings results. Bharat Forge signed a long-term contract with Embraer for manufacturing and supplying landing gear forgings, becoming the first Indian supplier to enter Embraer's global aerospace forged components supply chain. HG Infra Engineering received a Letter of Award worth ₹3,931.11 crore from Welspun Enterprises for a six-lane highway corridor project in Maharashtra. Munjal Auto Industries received a work order from Honda Motorcycle & Scooter India for manufacturing and supply of sheet metal stamping and welding parts. Windsor Machines signed an MoU with Allerindia Developers LLP for the proposed sale of industrial plots and structures in Thane, Maharashtra, expecting to receive ₹162 crore in multiple tranches. Premier Energies and Syrma SGS Technology decided not to proceed with the proposed acquisition of K-Solare Energy, with discussions being terminated amicably.
Adani Ports and Special Economic Zone announced that CEO-Ports Pranav Choudhary resigned effective 31 May, with the board appointing Niraj Bansal as the new CEO-Ports from 1 June. SAIL remained under the F&O ban list for the session. Multiple companies including Dr Reddy's Laboratories, Tata Power Company, Berger Paints India, Dixon Technologies, Max Financial Services, Pfizer, Torrent Power and V-Guard Industries are scheduled to announce quarterly earnings on 12 May. The broad-based trading activity across multiple sectors reflected the market's heightened volatility during this period, with investors closely monitoring corporate developments and earnings announcements.
