Stock market live: SBI, Adani Green, Godrej Properties hit 52-week low; here’s why

As many as 688 stocks hit their lowest level in 52 weeks on Monday, February 17, as the broader markets started the week on a sombre note.

At 12:15 pm, the benchmark NIFTY 50 was trading at 22,815, down 113 points, or 0.49%. The BSE SENSEX, meanwhile, was trading down 365 points, or 0.48%, to 75,573.

The volatility index, or India VIX, shot up 6.3% to 15.96. All the sectoral indices were trading in the red except the NIFTY Pharma Index, up 0.9%. NIFTY Realty and NIFTY Auto were the top losers, down 1.4% and 1.1%, respectively.

State Bank of India (52-week low: ₹711.55)

SBI has lowered its home loan interest rates by 25 basis points to 8.25%. The lender has also cut its external benchmark-based lending rate (EBLR) by 25 bps to 8.9%. However, the public sector lender has left its marginal cost of funds-based lending rate (MCLR), base rate and benchmark prime lending rate (BPLR) unchanged. The revised rates are effective from February 15. The rate cut came after the Reserve Bank of India (RBI) reduced the policy repo rate by 25 bps to 6.25% on February 7.

Adani Green Energy (52-week low: ₹840.45)

Last week, Adani Green Energy announced that it has decided to withdraw from its $1 billion wind farms project in Sri Lanka, citing controversy over tariffs and environmental concerns. This development followed a prior setback with a cancelled deal in Kenya in November 2024.

Godrej Properties (52-week low: ₹1,901)

Godrej Properties announced that it acquired 12 land parcels during the April-December period of this fiscal year to develop housing projects worth ₹23,450 crore. The company also said that it planned to buy more in the ongoing quarter to expand its business amid strong consumer demand.

Chalet Hotels (52-week low: ₹660.80)

Last week, Chalet Hotels announced the acquisition of The Westin Resort and Spa, Himalayas, in Rishikesh from Mahananda Spa and Resorts, a subsidiary of Mankind Pharma Ltd, for ₹530 crore. The cost of acquisition is subject to adjustments for net current assets, the company said.

For the December 2024 quarter, Chalet Hotels posted a 32.5% YoY rise in consolidated net profit to ₹118 crore. Its consolidated total revenue from operations stood at ₹458 crore against ₹374 crore in the year-ago period.