BSE PSU Index down 14% amid election result nervousness. PFC, REC,BHEL among top losers

The S&P PSU Index tumbled nearly 14% on Tuesday amid the Lok Sabha election vote counting. The index is trading in deep red with all the stocks trading negatively in the early trade session.

Shares of PFC dipped a little over 21% to Rs 437.70, while REC saw a 20% drop in early trade. BHEL also witnessed a decline of 19.8% to Rs 249.75.

India’s largest PSU bank, SBI, dropped 12.7%. The Central Bank and IOB dropped by nearly 13.7% and 11.8% respectively.


Railway stocks like IRFC, RVNL and IRCON also witnessed a dip of more than 10%.

As per early estimates, NDA was ahead in 303 seats while INDIA alliance was leading in 219 seats.

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Soon after the 7th phase of elections on Saturday, almost all exit poll surveys showed that the BJP-led winning the Lok Sabha election with an average of 374 seats while the INDIA alliance was projected to get 137 seats.

During Prime Minister Narendra Modi's second term (from June 2019 to May 2024), 10 out of 12 PSU bank stocks delivered multibagger returns of up to 473%.

Recently, a CLSA report had suggested ONGC, NTPC, NHPC, SBI, Power Finance, IGL, Mahanagar Gas as attractive picks in the PSU space.

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