Elgi Rubber Faces Intense Selling Pressure Amid Consecutive Losses and Declining Performance

Elgi Rubber Company Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced consecutive losses over the past three days, resulting in a total decline of 12.22%. This trend is part of a broader pattern, as the stock has fallen every week for the last eight weeks, accumulating a staggering -100% return during this period.
In terms of performance relative to the Sensex, Elgi Rubber has underperformed significantly. Today, it reported a decline of 5.01%, while the Sensex only dipped by 0.27%. Over the past week, Elgi Rubber's performance was down 8.72%, contrasting sharply with the Sensex's gain of 1.27%. The stock's monthly performance is particularly concerning, with a drop of 37.49% compared to the Sensex's modest decline of 3.12%.

Additional factors contributing to the selling pressure include erratic trading patterns, as the stock did not trade on five out of the last 20 days. Currently, Elgi Rubber is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a persistent downward trend. The stock reached an intraday low of Rs 57.6 today, further highlighting the ongoing challenges faced by the company in the rubber products industry.