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Gujarat-linked stocks tumble in early trade

ETMarkets.com|
Updated: Dec 18, 2017, 09.55 AM IST
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Shares of Gujarat Narmada Valley Fertilizers was trading 2.56 per cent down at Rs 464.50 at around 9.30 am (IST), while Gujarat State Fertilizers & Chemicals was down 3.69 per cent down at Rs 137.
Shares of Gujarat Narmada Valley Fertilizers was trading 2.56 per cent down at Rs 464.50 at around 9.30 am (IST), while Gujarat State Fertilizers & Chemicals was down 3.69 per cent down at Rs 137.
NEW DELHI: Gujarat-related stocks were trading under pressure in early trade on Monday after poll suggested ruling BJP was trailing in the PM Modi's home turf, sending shivers down investors' spine.

Data suggested that the Opposition Congress was leading the vote count, with 85 seats. BJP was ahead in 79 seats. BJP needs a total of 92 seats to retain power in Gujarat.

Shares of Gujarat Narmada Valley Fertilizers was trading 2.56 per cent down at Rs 464.50 at around 9.30 am (IST), while Gujarat State Fertilizers & Chemicals was down 3.69 per cent down at Rs 137.

Adani Enterprises, Adani Ports, Adani Power and Adani Transmission were down 3.94 per cent, 1.65 per cent, 3.26 per cent and 2.28 per cent at Rs 148.65, Rs 395.30, Rs 34.10 and Rs 199, respectively.

Sadbhav Engineering was trading 4.43 per cent down at Rs 342, whereas BSE Sensex was down 321 points, or 0.96 per cent, at 33,141.35 at around 9.30 am (IST).

However, Gujarat NRE Coke was trading 1.85 per cent up at Rs 1.65 at around the same time.

Counting of votes started this morning for the high-stakes Gujarat Assembly polls, considered a prestige battle for Prime Minister Narendra Modi in his home state and a litmus test for new Congress president Rahul Gandhi.

While the BJP is seeking a sixth straight term in office, the Congress is aiming to stage a comeback in power after being in the opposition for over two decades.
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