Shalimar Paints Faces Significant Volatility Amidst Declining Financial Stability
Shalimar Paints has experienced significant volatility today, hitting a new 52-week low of Rs. 93.45. This decline marks a notable underperformance, with the stock down 7.49% compared to its sector peers. After two consecutive days of gains, the stock opened with a gap down of 5.48%, reaching an intraday low of Rs. 93.45, reflecting a drop of 9.39% during the trading session.The company's performance over the past year has been concerning, with a staggering decline of 46.72%, contrasting sharply with the Sensex's modest drop of 2.18%. Shalimar Paints is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish trend.
Financially, the company is grappling with operating losses and a weak long-term fundamental strength, evidenced by a negative EBIT to interest ratio of -2.90. Additionally, the company's debt-equity ratio stands at 0.47 times, the highest recorded, further complicating its financial stability. With 66.16% of promoter shares pledged, the stock faces additional pressure in a declining market.
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