Gains of 1.9 percent on Friday helped the Sensex recover some of its losses but the benchmark still ended down 1.3 percent for the week. The index ended in the red for three of five trading sessions this week.
Indian markets largely ignored Fitch’s rating outlook upgrade and Finance Minister P. Chidambaram’s pledge to do more for the economy. Ahead of Monday’s Reserve Bank of India policy review, data showed May inflation stood at 4.7 percent. However, recent weakness in the rupee and a high current account deficit are some of the factors that dampen hopes of a rate cut.
Here are the top five Sensex losers of the week:
JINDAL STEEL AND POWER (JSPL): Shares in JSPL, which ended with losses of 13.21 percent this week, were battered after the Central Bureau of Investigation registered a case against the company over coal mining rights. Shares of the company, controlled by Congress MP Naveen Jindal, have had a rough year so far, losing more than 45 percent.
Motilal Oswal Financial Services upgraded the stock to ‘neutral’ on June 11, as it believed the sharp correction in the stock called for a review, even as fundamentals of JSPL’s businesses remain challenging.
TATA POWER: The power producer was the second worst Sensex performer this week, ending with losses of 8.7 percent near its 52-week low. The stock is also among the worst Sensex performers of 2013, having lost more than a quarter of its value.