Scan Steels Faces Persistent Decline Amidst Market Volatility and Underperformance
Scan Steels, a microcap player in the Steel/Sponge Iron/Pig Iron industry, has experienced significant volatility today, reaching a new 52-week low of Rs. 36.3. This decline marks a continued downward trend, with the stock underperforming its sector by 1.1% and recording a total drop of 8.69% over the past three days. Intraday trading saw the stock hit a high of Rs. 39.7, reflecting a modest gain of 3.66%, before falling to its low of Rs. 36.3, which represents a decrease of 5.22% for the day. Notably, Scan Steels is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a persistent bearish trend.
Over the past year, Scan Steels has faced a substantial decline of 53.71%, contrasting sharply with the Sensex, which has shown a modest gain of 1.30%. This performance highlights the challenges faced by the company in a competitive market environment.
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