Mumbai, November 19, 2025 – The Indian stock market witnessed selective pressure in the midcap and smallcap segments on Wednesday, even as benchmark indices Nifty 50 and Sensex ended higher, buoyed by a rally in IT heavyweights like Infosys, TCS, Wipro, and HCL Tech. While the broader market closed positively – with Nifty surpassing 26,000 and Sensex gaining over 500 points – several infrastructure, finance, and commodity-linked stocks featured among the top losers, reflecting company-specific headwinds.
The day's biggest casualty was Sammaan Capital Ltd (formerly Indiabulls Housing Finance), which plummeted up to 13% (closing around ₹159-166, down ~12.7%), hitting the lower circuit at times. The sharp decline was triggered by critical observations from the Supreme Court during a hearing on a public interest litigation (PIL) alleging irregularities at the NBFC. The apex court slammed investigative agencies (CBI, ED, SEBI, and SFIO) for adopting a "friendly approach" in the probe and flagged "double standards" by SEBI. Justices expressed dissatisfaction with the pace and depth of the investigation, directing senior officials from these agencies to hold a joint meeting within two weeks for an "objective" review. Sammaan Capital clarified that none of the petition's allegations have been substantiated and noted that its erstwhile promoter had exited in 2022-23.
Infrastructure EPC major KEC International Ltd was another notable laggard, shedding 9-11% to close near ₹710-735 (down ~9.1%). Shares extended losses for the second day after Power Grid Corporation of India (PGCIL) barred the RPG Group company from participating in new tenders and contract awards for nine months, starting November 18. The penalty stems from an alleged breach of contractual provisions in a prior project (first disclosed in March 2025). KEC management downplayed the impact, stating PGCIL accounts for only ~15% of its order book, with no effect on ongoing projects. The company is exploring legal remedies and reconsideration requests. Analysts view the ban as a short-term setback, given KEC's diversified portfolio in transmission, railways, and renewables.
HBL Engineering Ltd (formerly HBL Power Systems) also faced selling pressure, dropping around 9.1% to ₹935 levels. No fresh negative trigger was reported today; the decline appears to be a continuation of profit-booking after a strong rally earlier in the month, driven by robust defense and railway orders. The stock had hit 52-week highs recently amid a 410% YoY Q2 profit surge.
Commodity plays felt the heat too: Gujarat Mineral Development Corporation (GMDC) slipped ~5.2% to ₹515 amid lingering concerns over weaker Q2 revenue (down 11% YoY) and adjustments in lignite prices/GST. Graphite India Ltd fell ~4.7% to ₹569, weighed down by disappointing Q2 results (60% YoY profit decline) and subdued demand outlook for graphite electrodes.
Top Losers Snapshot (NSE/BSE as of close on Nov 19, 2025)
| Rank | Company | Closing Price (₹) | % Change | Key Trigger |
|---|---|---|---|---|
| 1 | Sammaan Capital Ltd | ~159-166 | ↓ 12-13% | Supreme Court criticism on probe |
| 2 | KEC International Ltd | ~710-735 | ↓ 9-11% | 9-month PGCIL tender ban |
| 3 | HBL Engineering Ltd | ~935 | ↓ ~9.1% | Profit-booking post-rally |
| 4 | Gujarat Mineral Development Corp | ~515 | ↓ 5.2% | Weak Q2, sector pressure |
| 5 | Graphite India Ltd | ~569 | ↓ 4.7% | Poor earnings reaction |
Despite these laggards, the overall market sentiment remained resilient, supported by strong IT exports outlook and easing bond yields. Foreign institutional investors (FIIs) continued selective buying in large-caps, while domestic institutions absorbed midcap dips. Analysts caution that ongoing regulatory scrutiny in NBFC and infrastructure spaces could keep volatility elevated in the near term.
Investors are advised to monitor upcoming updates on the Sammaan probe and KEC's response to the PGCIL ban, alongside global cues like US Fed commentary and commodity trends.
