It was expected that with the Presidential polls out of the way now, the Government would initiate big-ticket reforms such as FDI in retail, reforms in the insurance sector, unlocking control over diesel price and so on.
But these hopes suffered a blow with a key ally Samajwadi Party joining hands with the Left Front and JD(S) to urge the Government not to open up the retail sector anymore, which had an immediate impact on retail stocks with one of them slipping to its 52-week low in early trade.
Pantaloon Retail took a severe beating with huge volume of trading in the opening minutes of trading itself on the NSE. The stock shed Rs 11.25 or 5.92 per cent to Rs 178.85 accompanied by a trading volume of 6.37 lakh shares. Shopper’s Stop was another stock to suffer, sliding by Rs 17.55 or 4.56 per cent to Rs 367.
Trent Ltd, belonging to the Tata Group, too, was at the receiving end, declining by Rs 35.20 to Rs 1045.60. Kewal Kiran Clothing Ltd fell Rs 30.30 to Rs 508 today, its 52-week low. Koutons Retail slipped to Rs 9.40, down by 45 paise.
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