Stock market crash: Jio Financial, Tata Motors, Axis Bank hit 52-week low; here’s why

As many as 410 stocks hit their lowest level in 52 weeks on Monday, January 27, amid consistent downfall in the broader markets in the past few weeks.

At 1:10 pm, the NIFTY 50 index was trading at 22,870, down 219 points, or 0.95%. The BSE SENSEX also fell 678 points, or 0.89%, to 75,512.

The volatility index, or India VIX, shot up 7.7% to 18.03. All the sectoral indices were trading in the red, with the Nifty Media and the Nifty Pharma being the biggest losers, down 3.8% and 2.4%, respectively.

Jio Financial Services (52-week low: ₹233.05)

Jio Financial was in the news last week after the company and its joint venture partner, US-based BlackRock, infused ₹117 crore into their mutual fund business. Both Jio Financial and BlackRock subscribed to 5.85 crore equity shares in Jio BlackRock Asset Management Pvt. Ltd, a 50:50 joint venture between the two entities.

Tata Motors (52-week low: ₹711.65)

The company’s shares are down for the second consecutive day ahead of its result announcement on January 29. According to experts, Tata Motors could report subdued earnings amid challenging market conditions.

On the sidelines of the Bharat Mobility Global Expo 2025, the company said it is aiming for EVs to make up 30% of its total sales by the end of the decade. This is much higher in comparison to the overall projection of EVs accounting for 20% of overall auto sales in India by 2030.

Axis Bank (52-week low: ₹933.50)

The recent selloff is due to the bank’s weak December quarter earnings announced earlier this month. Growth in advances and deposits for the quarter was the slowest in the last 15 quarters. The bank reported a 3.8% year-on-year increase in net profit at ₹6,304 crore, while net interest income (NII) rose 9% to ₹13,606 crore. Bad loans increased, too, with the gross non-performing asset (NPA) ratio at 1.46%, slightly higher than 1.44% in the previous quarter.

CreditAccess Grameen (52-week low: ₹750.20)

For the December quarter, its net loss stood at ₹99.5 crore compared to a net profit of ₹353.4 crore last year. Provisions at the end of the quarter stood at ₹751.9 crore, a jump of nearly 500% from the year-ago quarter. Moreover, CreditAccess Grameen now expects loan growth of 7-8% for the entire FY25 compared to the 8-12% guidance it had given during the end of the September quarter. At the start of the financial year, the company had guided for loan growth of 23-24%.