The Indian stock market witnessed a sharp sell-off today, February 28, with benchmark indices Sensex and Nifty tumbling nearly 2% intra-day and ending deep in red.
All sectoral indices ended in negative territory, with as much as 10% losses in some.
Markets hit multi-month lows
The Nifty index dropped to its lowest level since June 2024, while the Sensex and Nifty have now retreated 16% from their all-time highs. The midcap segment suffered even more, plunging 22% from peak levels. The sell-off wiped out more than Rs 9 lakh crore in market capitalisation for BSE-listed firms in a single session.
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Among the biggest losers of the day was Tech Mahindra, which saw its stock price drop by 6.19%, making it the worst performer in the Sensex 30 today. Over the past month, the IT services giant has lost 11.26%, and in the last six months, it has shed nearly 9.76%. Despite the recent downturn, the share price of Tech Mahindra remains 15.56% higher yearly .
Tech Mahindra’s 52-week high stands at Rs 1,807.70, while its 52-week low is Rs 1,162.95.
IndusInd Bank extends losses
IndusInd Bank also faced a sharp sell-off, declining by 5.48% on Friday. The stock has been in a downward spiral, losing 32.90% over the past six months. On a yearly basis, the stock performance also remains weak, with a 32.91% decline compared to the same period last year.
Mahindra & Mahindra sinks over 5%
Automobile major Mahindra & Mahindra (M&M) saw its stock price fall by 5.21% during the session. The company has recorded a 13.21% decline in the past month and has lost 6.55% in the last six months. However, when looking at the broader picture, M&M share price remains 36.46% higher compared to last year.
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Telecom heavyweight Bharti Airtel closed 4.86% lower, with its stock currently trading 11.76% below its 52-week high of Rs 1,779. Despite the short-term volatility, it remains one of the best-performing stocks of the past year,
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