Synopsis
On March 3, online stock trading platforms, including Angel One and Motilal Oswal, faced significant losses amid a market downturn, with Angel One's shares falling by 10%. The Bombay Stock Exchange also reported sharp declines, while Zerodha's CEO highlighted a rare business contraction for the industry.Key Takeaways
- Angel One shares fell by 10%.
- Motilal Oswal shares dropped 1.83%.
- BSE shares declined 5.78%.
- Stock market activity has decreased significantly.
- Zerodha's CEO reported a 30% drop in activity.
Mumbai, March 3 (NationPress) Online trading platforms focused on the stock market, such as Angel One and Motilal Oswal Financial Services, continued to experience significant losses on Monday as the overall market trends remained negative.
Angel One's shares dropped to an intra-day low of Rs 1,952.25, reflecting a 10 percent decrease. Nevertheless, it rebounded slightly to close at Rs 1,979, marking an 8.77 percent decline. Over the past week, Angel One's stock has fallen by over 11 percent.
Similarly, shares of Motilal Oswal Financial Services faced a considerable downturn, closing down 1.83 percent at Rs 577. This stock has experienced about a 6 percent decline within the last week.
The Bombay Stock Exchange (BSE) also reported a sharp drop, with shares closing down 5.78 percent at Rs 4,366. In the past week, BSE shares have decreased by more than 21 percent.
Additionally, other stocks like CAMS and CDSL have plummeted by up to 9 percent this past week, attributed to a downturn in stock market activity.
On Friday, Zerodha CEO and Co-founder Nithin Kamath indicated that they are encountering a decline in business for the first time in 15 years.
Kamath remarked, “Across brokers, there's a more than 30 percent drop in activity. With the true-to-market circular, we are witnessing a decline in business for the first time since our inception 15 years ago.”
On Monday, key Indian equity indices concluded almost unchanged amid a volatile trading atmosphere influenced by mixed global indicators.
The 30-share Sensex settled at 73,085.94, down 112.16 points or 0.15 percent. The index fluctuated between a peak of 73,649.72 and a low of 72,784.54 during intra-day trading.
The Nifty closed at 22,119.30, down just 5.40 points or 0.02 percent from the previous close, reaching a high of 22,261 and dipping to around 22,004 during the session.
