Indian equities saw a day of sharp stock-specific declines on 20 November 2025, with select mid-cap technology, energy, and financial names weighing on overall market sentiment. While benchmark indices held relatively steady, the list of top losers reflected clear profit-taking across high-beta counters and renewed concerns in telecom-cloud services, small energy producers, and select financial stocks.
Data from the exchanges showed MCLOUD, Energy Development Company, Mangalam, GROWW, and South Indian Bank leading the losers’ list, each reacting to a mix of macro pressures, sector-specific headwinds, and trader-driven unwinding.
MCLOUD hits lower circuit as digital-infra sentiment weakens
MCLOUD was the session’s steepest decliner, falling 20% to ₹53.52, with volumes crossing 1.65 crore shares. The stock remained stuck at its lower circuit through the day, signalling intense selling pressure from both retail and momentum traders.
Market participants attributed the fall to sector-wide concerns impacting mid-tier cloud and data-service providers. Weak global cues, muted enterprise technology spending, and pricing pressure from larger competitors have created a challenging environment for smaller digital-infrastructure companies.
Additionally, the recent volatility in technology indices—both domestic and US-listed peers—fed into a broader derisking mood. Analysts note that MCLOUD had rallied sharply in previous sessions, making it vulnerable to steep profit-taking.
Energy Development Company drops 17% amid commodity volatility
Energy Development Company (ENERGYDEV) extended its losing streak, slipping 17.46% to ₹22.59. The counter saw robust activity, with more than 23 lakh shares traded.
The decline came against the backdrop of turbulence in global crude and natural-gas markets. With commodity prices swinging sharply over the last week, smaller energy producers and infrastructure operators are facing margin uncertainty.
Traders suggest that the stock may continue to remain under pressure if global energy prices stay volatile or if domestic regulatory announcements further affect sentiment in the power and renewables value chain.
Mangalam weakens as traders rotate out of small-cap manufacturing
Shares of Mangalam fell 10.94% to ₹48.43, with volumes of nearly 3.9 lakh shares, signalling meaningful unwinding within the manufacturing and industrial-materials space.
The decline appeared to stem from rotation away from illiquid small-cap counters into higher-certainty mid-cap names. Manufacturing companies in the sub-₹100 price range have seen variable investor behaviour in recent weeks, particularly as concerns about raw-material inflation and demand moderation have resurfaced.
Market analysts indicate that while Mangalam’s fundamentals remain stable, the stock could remain range-bound until fresh orderflow or margin clarity emerges.
GROWW slides nearly 8% as fintech volatility deepens
Fintech major GROWW declined 7.93% to ₹156.41, recording the highest turnover among losers, with an extraordinary 12.14 crore shares traded. The steep volumes reflect significant institutional and algorithmic participation, both on the selling and arbitrage sides.
GROWW has been under pressure due to intensified regulatory scrutiny on digital financial platforms, evolving KYC norms, and heightened competition within brokerage and wealth-tech ecosystems. Analysts also pointed to rising customer-acquisition costs and a slowdown in retail trading volumes—key drivers for listed fintech platforms.
Despite the decline, market participants view the correction as part of a broader consolidation phase for the stock, following a robust multi-week rally.
South Indian Bank falls 7% as PSU and private-sector banks face cooling sentiment
South Indian Bank (SOUTHBANK) slipped 7.38% to ₹38.05 on heavy volumes of more than 10 crore shares, reflecting a meaningful shift in sentiment around mid-tier lenders.
The banking ecosystem faced mild pressure through the session, largely due to concerns around deposit repricing and the possibility of slower net-interest-margin growth in coming quarters. Traders also trimmed exposure ahead of upcoming macro releases, including credit-growth data and banking liquidity numbers.
Despite strong operating performance in recent quarters, South Indian Bank followed the template of broader selling in financials, especially among stocks that had run up sharply over the past six months.
Broader trend: Profit-taking meets risk repricing
The day’s losers list highlights a key theme: traders are shifting away from high-beta and low-visibility sectors while rotating capital toward defensives and stable mid-caps. Cloud-services companies, smaller energy producers, and fintech platforms—each sensitive to regulatory or commodity headlines—experienced sharper correction compared to the rest of the market.
Meanwhile, sectors such as FMCG, healthcare, and large-cap IT remained relatively stable, underscoring the market’s defensive tilt ahead of global data releases.
Outlook: Stock-specific volatility likely to persist
Analysts expect the market to witness continued divergence, with sharp single-day moves becoming more common in high-momentum stocks. With global risk sentiment fluctuating and domestic macro indicators due for release, investors anticipate elevated volatility in small and mid-cap pockets.
However, brokerages believe that companies with strong balance sheets and predictable revenue models will attract steady buying, even if speculative trades see frequent unwinding.
