Relicab Cable Faces Severe Volatility Amid Weak Financial Performance and High Pledged Shares

Relicab Cable Manufacturing has experienced significant volatility today, hitting a new 52-week low of Rs. 46.5. The stock has underperformed its sector by 4.44%, marking a continued decline over the past three days, during which it has lost 4.4%. Opening with a gap down of 2.95%, the stock reached an intraday low of Rs. 46.5, reflecting a drop of 6.57%.
In terms of performance metrics, Relicab Cable's one-year performance stands at a notable decline of 47.15%, contrasting sharply with the Sensex, which has gained 6.32% over the same period. The company's financial health appears weak, with a low EBIT to Interest ratio of 1.50, indicating challenges in servicing its debt. Recent quarterly results show a decline in net sales by 11.73%, with the lowest recorded PBDIT and PBT figures.

Technically, the stock is in a bearish range, with moving averages indicating it is trading below the 5-day, 20-day, 50-day, 100-day, and 200-day averages. Additionally, a concerning 99.94% of promoter shares are pledged, which may exert further downward pressure on the stock in a declining market.