Stock market today: RITES, BPCL, IOC, Can Fin Homes shares hit 52-week low: Here’s why

As many as 60 stocks hit their lowest level in 52 weeks on Monday, February 3, on the National Stock Exchange of India (NSE), as the broader markets traded in the negative after the announcement of the Union Budget 2025.

As of 12:02 pm, the benchmark NIFTY 50 was trading at 23,288.85, down 193.3 points, or 0.8%. The BSE SENSE, meanwhile, was trading down 519.33 points, or 0.82%, lower at 76,986.63.

The volatility index, or India VIX, jumped 2.5% to 14.45. All the sectoral indices were trading in the red, except the NIFTY Consumer Durables and IT indices which were up 0.9% and 0.08%, respectively.

Here’s a look at the major stocks that touched their 52-week lows on Monday, February 3:

RITES Ltd (52-week low: ₹232.3)

Correction in the RITES stock can be attributed to the fact the Union Budget 2025 kept allocation for the railways sector unchanged from last year at ₹2.55 lakh crore. Experts were predicting a 15-20% increase in the allocation for the railways sector to a record high of ₹3 lakh crore.

BPCL (52-week low: ₹242.20)/ IOC (52-week low: ₹120.1)

The stocks were under pressure after the Union Budget 2025 made no provision to compensate for the under-recoveries of OMCs. As of the first nine months of FY 2025, the under-recoveries for OMCs stood close to ₹30,000 crore.

BPCL shares are down almost 17% in the past month, while IOC shares have lost more than 12% during the same period.

Can Fin Homes Ltd (52-week low: ₹638.25)

Can Fin Homes primarily provides relatively smaller ticket-sized housing loans to salaried and self-employed borrowers. The stock price of the company declined after the Union Budget 2025 missed addressing the housing sector’s demand for revising affordable housing price caps, especially in metro cities. Analysts were suggesting increasing the house value cap under the Pradhan Mantri Awas Yojana (PMAY) from the current ₹35 lakh to ₹50-70 lakh in metro cities.