Today the Bombay Stock Exchange (BSE) benchmark index Sensex opened on a negative note at the level of 36,035.65 from its previous closing level of 36,134.31. Currently, it is trading around 35,957.86, 176.45 points down. (12:35 PM IST)
During its trading session, many stocks hit their fresh 52-week lows. Even the Pune-based Indian multinational company Bharat Forge hits its 52-week low today. The Shares of Bharat Forge slipped 9.5% to Rs. 526.00 from the previous low of Rs. 541.10 of Oct. 25, 2018.
It is due to the sharp fall in the sales of medium and heavy commercial vehicles (MHCV) for most manufacturers in November. The sudden drop in sales has come on the back of higher cost of borrowing and reduced freights.
Apart from this, the Bharat Forge has recently received its first export order for its aluminum light weighting business which is most likely to be a growth trigger in the medium term.