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As of 12.05 pm, the stock was down 5 per cent at Rs 113.10. There were around 2.44 crore sell orders across exchanges and no buyers in sight. The company has a very big public shareholding.

The names included metals and mining stocks such as Coal India, SAIL, Tata Steel, Nalco, Vedanta, Tata Steel, Jindal Steel & Power and Hindustan Zinc, among others.

Promoters held 74.36 per cent stake in the company as of 31-Dec-2021, while FII and DII ownership stood at 16.46 per cent and 2.63 per cent, respectively.

Down more than 9%, South Korea’s Kospi Index is the worst performer among major Asian benchmarks this year. India’s S&P BSE Sensex has lost 5% while the broader MSCI Asia Pacific Index is down about 6%.

The Relative Strength Index of the stock stood at 43.82 on Wednesday.

“Defensives would be the place to park your cash for the next six months and then we will get opportunities in the growth part of the market. Growth here means the cyclical recovery part of the market that would be banks, autos and industrials. Those would be the names to add for the next cycle in the next two-three years.”

“It is a bit early to conclude that the worst impact on some of the oil users be it paint companies or auto companies or cement companies is over. If the crude and some of the other commodity prices including the chemical prices continue to remain elevated for a bit longer, then we have to consider what sort of overall demand impact it can have on India’s fiscal positioning versus what was anticipated in Budget Estimates.”

A total of 61,079 shares changed hands on the counter till 02:00PM (IST).

“ This is going to be a year for consolidation and return expectations will be muted obviously because of the market volatility. This year the market could test one’s patience and one has to be really patient, stay invested, keep the longer term picture in view and at the same time not get carried away by the short term variations in the market. ”

Gold futures on MCX were trading flat, marginally up, by 0.03 per cent or Rs 14 at Rs 51,830 per 10 grams. Silver futures were trading down 0.22 per cent or Rs 152 at Rs 68,027 per kg.