Recent Price Movement and Market Context
Elgi Rubber Co’s share price increased by ₹0.68, or 1.26%, on 21-Nov, reaching an intraday high of ₹55.60, marking a 2.72% gain during the session. The stock opened with a gap up of 2.35%, signalling initial positive sentiment among investors. However, this rise comes after a brief two-day rally, which was followed by a decline, indicating a possible trend reversal in the short term.
Despite today’s gains, the stock has been under significant pressure over the past weeks. It has recorded weekly declines for eight consecutive weeks, resulting in a cumulative loss of 100% over that period. Similarly, the stock has fallen every month for the last six months, effectively generating zero returns during this timeframe. This persistent...
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