The railway-linked stocks have extended their Tuesday’s fall with most of them are trading at their 52-week lows after no major announcements were made for big ticket projects in the railway budget.
Titagarh Wagons, Kalindee Rail Nirman (Engineers) and Kernex Microsystems (India) have plunged more than 12% each are trading at their 52-week lows on the Bombay Stock Exchange.
The railway minister said the target of 700 km of new lines in the current year (2012-13) had to be scaled down to 470 km due to inadequate resources.
The target of 800 km for gauge conversion fixed for 2012-13 has also been scaled down to 575
Among the individual stocks, Titagarh Wagons has tanked 16% to Rs 207, followed by Kalindee Rail Nirman and Kernex Microsystems are down by 14% each at Rs 60 and Rs 38 respectively.
Stone India, Hind Rectifiers BEML and Bartronics India are among others has fallen in the range 2-5%.