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  5. Stock market crash: Vedanta, Hindustan Zinc, HFCL tumble over 5% as NIFTY slips below 24,000

Market News

Stock market crash: Vedanta, Hindustan Zinc, HFCL tumble over 5% as NIFTY slips below 24,000

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By Sreenivas Ajankar

3 min read | Updated on June 23, 2026, 14:03 IST

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SUMMARY

NIFTY50 and SENSEX saw a strong sell-off after a flat opening. Several prominent stocks like Vedanta, Hindustan Zinc, and HFCL Limited declined up to 8.7% today.

Stock list

VEDL
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HINDZINC
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NATIONALUM
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HFCL
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Vedanta_stock_fall

FIIs continue to remain net sellers of Indian equities. On June 22, FIIs sold equities worth ₹635.91 crore.

NIFTY50 and SENSEX are trading in the red in the mid-afternoon session after a flat opening on Tuesday, June 23. Benchmark NIFTY50 index slipped below the crucial 24,000 level amid weak sentiments in the Asian markets after South Korea's benchmark Kospi index hit 10% circuit.

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As of 1:45 pm, the NIFTY50 index is trading 232 points or 0.9% lower at 23,875, with a day low of 23,862. Meanwhile, BSE SENSEX is down 700 points or 0.8% lower at 76,401. SENSEX hit a day low of 76,371 today. Among the NIFTY50 stocks, TCS (-3.0%), Infosys (-3.0%) and Hindalco (-2.8%), Wipro (-2.7%) were the top losers.

Broader market indices like NIFTY Midcap100 (-1.1%) and NIFTY Smallcap100 (-0.6%) are also trading lower. Meanwhile, the volatility index, or India VIX, is up 6.2% to 13.6. Among the sectoral indices, NIFTY Metal (-3.5%), NIFTY IT (-2.2%) and NIFTY PSU Bank (-1.9%) were the top losers.

Why is market down today?

Sell-off in Asian markets: Domestic markets opened on a flat note today but gave up early gains to decline by over 0.6% after weak sentiments in the Asian markets. South Korea's benchmark Kospi index declined 10%, resulting in a 20-minute trading halt. Semiconductor and AI-related stocks like Samsung Electronics and SK Hynix Inc fell over 10% each amid profit booking and stretched valuations of AI-related stocks.
Fall in Indian Rupee: The rupee fell 6 paise to 94.69 against the US dollar in early trade on June 23. Global investment firm Deutsche Bank and Bank of America (BofA), in their reported expects the US Federal Reserve to raise interest rates after September 2026, which supported the US dollar and weighed on other foreign currencies.
FIIs sell-off continues: Foreign Institutional Investors (FIIs) continue to remain net sellers of Indian equities. On June 22, FIIs sold equities worth ₹635.91 crore. So far this month, FIIs have sold domestic equities worth ₹43,680 crore despite some recovery in benchmark indices.
Here is a list of some prominent stocks down 5% or more today:
StockIntraday fallDay low1-year return*
Vedanta Limited8.7%₹279-37.5%
Hindustan Zinc5.0%₹544.2+23.8%
National Aluminium Company7.3%₹350.3+86.6%
New India Assurance Company7.2%₹196.7+6.1%
Aegis Vopak Terminals5.6%₹232.3-4.7%
SBFC Finance5.6%₹88.03-14.3%
Prime Focus5.0%₹213.1-86.6%
HFCL Limited4.9%₹198.9+147.3%

*1-year return as per the NSE website

About The Author

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Sreenivas Ajankar is a Deputy Editor at Upstox and has over nine years of experience in capital markets. His areas of expertise include equity research, analysis and business valuation.

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