Railway stocks slide on BSE

The BSE benchmark Sensex which ended with a smart gain of 358.69 points at 18,449.31,also failed to support the tumbling railway stocks.

Defying the strength in the broader market,railway stocks on Thursday took a beating with Kalindi Rail Nirman shedding 9.65 per cent on the Bombay Stock Exchange.

Ahead of the railway budget later this month,shares of Kalindi Rail Nirman plummeted by 9.65 per cent to settle at Rs 149.30 a piece on BSE.

“Railway stocks are hammered by the soaring metal prices in London,primarily increasing aluminium,copper and flat steel prices,” Geojit BNP Paribas Financial Services Research Head Alex Mathews said.

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However,Mathews also said that stocks are expected to witness a pre-budget rally around second-third week of the month on hopes of favourable announcements in the budget.

In line with Kalindi Rail,shares of the wagon manufacturer Titagarh Wagons also plunged by 5.26 per cent to close at Rs 411.60,while Kernex Microsystems witnessed a dip of 4.99 per cent to settle at Rs 120.85.

The BSE benchmark Sensex which ended with a smart gain of 358.69 points at 18,449.31,also failed to support the tumbling railway stocks.

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