Southern Magnesium & Chemicals Ltd Faces Heavy Selling Pressure, Stock Declines 5% to 52-Week Low
Southern Magnesium & Chemicals Ltd is currently facing significant selling pressure, with the stock showing only sellers today. The company has experienced a consecutive decline over the past four days, resulting in a total loss of approximately 14.98%. Today, the stock fell by 5.00%, reaching a new 52-week low of Rs. 99.75, underperforming its sector by 4.73%.In terms of performance relative to the Sensex, Southern Magnesium has struggled considerably. Over the past week, the stock has declined by 14.85%, while the Sensex saw a slight decrease of only 0.94%. The one-month performance shows a drop of 10.26% for Southern Magnesium compared to a modest gain of 0.73% for the Sensex. Year-to-date, the stock is down 61.78%, contrasting sharply with the Sensex's increase of 3.60%.
Several factors may be contributing to this selling pressure, including broader market trends and potential company-specific challenges. The stock is currently trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a sustained downward trend.
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