Dalal Street rocked: GRWRHITECH crashes 16.5% as top 20 stocks nosedive amid mounting global and sectoral stress

A wave of sharp selling pressure swept across Indian equity markets on April 4, 2025, sending several midcap and smallcap stocks into deep correction territory. Leading the list of top decliners were GRWRHITECH, PGIL, and GOLDIAM, each registering double-digit percentage losses by the end of the trading session. These steep declines, particularly among niche manufacturers and exporters, reflected investor unease over a convergence of global macroeconomic headwinds, valuation concerns, and industry-specific disruptions.

The broader market, while relatively insulated at the index level, showed signs of underlying fragility as pockets of high-growth, high-beta stocks saw a reversal of fortunes. Market experts attributed the downturn to a combination of factors, including rising crude oil prices, fears of a delayed global recovery, and uncertainty surrounding India‘s monetary policy trajectory. The midcap-heavy selloff underscored a renewed focus on fundamentals and a shift in sentiment from risk-taking to risk aversion.

GRWRHITECH recorded the steepest intraday fall, plunging 16.5% to close at ₹2,680 from its previous close of ₹3,209.40. The sharp correction came after a volatile trading session in which the stock swung between a high of ₹3,084 and a low of ₹2,603.35. A heavy trading volume of over 9.87 lakh shares indicated broad-based selling, suggesting that institutional and retail investors alike were looking to exit on valuation concerns. While the company had recently benefitted from capex-related optimism and infrastructure-linked orders, traders cited stretched technical indicators and profit-taking as key reasons behind the fall.

PGIL followed with a 15.90% loss, closing at ₹1,061 after opening the day at ₹1,261.95. The company, which specialises in precision glass products used in consumer electronics and industrial applications, has been facing increasing input costs tied to energy-intensive manufacturing. Industry observers noted that a slowdown in global white goods exports, especially in the European Union, had raised questions about demand stability. With volume crossing 7.75 lakh shares, it was clear the selling was sentiment-driven and not limited to a single trigger.

GOLDIAM, another prominent loser, dropped 15.85% to end at ₹310, impacted by weak demand in the international jewellery market and unfavourable currency movements. The stock, which had reached a high of ₹366.70 earlier in the session, nosedived to an intraday low of ₹294.75. Given that a strong rupee typically erodes export competitiveness for Indian jewellers, the company’s export-led business model came under scrutiny amid changing forex dynamics.

What sectors were most affected by the April 4 market decline in India?

The April 4 downturn was marked by pronounced weakness in pharmaceuticals, chemicals, auto components, industrials, and export-linked sectors. Several stocks that had previously outperformed on the back of post-pandemic recovery narratives saw a sharp reversal.

Aarti Pharmalabs declined 13.51% to close at ₹698, amid renewed concerns about regulatory delays and pricing challenges in overseas markets, particularly in the US generics segment. Despite opening at ₹804 and briefly touching ₹807, the stock fell consistently through the session as investors reassessed future earnings potential in a market where drug pricing is increasingly scrutinised by payers and regulators alike.

Auto component manufacturer ASALCBR also experienced a sharp 13.81% slide, ending the day at ₹1,204.75. While the company had seen momentum earlier in the year tied to the electric vehicle transition, the recent price correction indicates investor caution over delayed production rollouts and rising metal costs.

In the diagnostics and research segment, VIMTA Labs dropped 13.31% to ₹947. The contract research organisation had benefited during the COVID-19 pandemic from rising demand for clinical trials, but a post-pandemic normalisation in trial volumes and increased competition from multinational CROs has impacted future growth expectations.

Pokarna, which exports granite and quartz surfaces primarily to the US and Europe, dropped 12.74% to ₹833. A decline in US housing starts and a broader slowdown in construction activity were cited as macro indicators weighing on the company’s outlook.

Camlin Fine Sciences fell 12.29% to ₹150.75, reflecting cost pressures and intense competition in the aroma chemicals and food antioxidants segment, particularly from Chinese players.

Pharma stocks also saw heavy selling, with Marksans Pharma down 11.37%, Supriya Lifescience dropping 10.14%, and Themis Medicare sliding 8.78%. The declines across these stocks signalled broader concerns about drug pricing, competition, and global regulatory hurdles that have intensified over the past six months.

How did industrial and commodity-linked stocks perform during the April 4 selloff?

Hindustan Copper, a state-owned miner, fell 8.88% to ₹204.80 as global copper prices retreated on weak Chinese demand and bearish sentiment in the commodities market. The drop was significant given copper’s status as a proxy for industrial health and infrastructure investment worldwide.

Greaves Cotton declined 9.10% to ₹194.99, impacted by demand moderation in the electric vehicle (EV) segment. Industry insiders pointed to the government’s recent delay in finalising the next phase of the FAME subsidy scheme as a major concern for domestic EV manufacturers and component suppliers.

GNA Axles, a key supplier to commercial vehicle OEMs, lost 8.87% to close at ₹307.70. While the commercial vehicle segment had shown signs of revival in early 2025, slowing freight movement and high diesel prices have begun to weigh on sentiment in the logistics and transportation sector.

What broader economic and policy trends influenced the stock market on April 4?

The selloff came against the backdrop of several macroeconomic challenges. Crude oil prices surged past $95 per barrel due to renewed tensions in the Middle East, rekindling inflation concerns. For India, which imports more than 80% of its crude requirements, elevated oil prices can disrupt fiscal discipline, stoke retail inflation, and compress corporate margins.

The Reserve Bank of India is expected to maintain the status quo in its upcoming monetary policy review. However, traders are wary of hawkish guidance that could trigger further capital outflows. Foreign portfolio investors have already been net sellers in April, withdrawing close to ₹3,700 crore in just a few trading sessions.

Globally, a weaker-than-expected US ISM manufacturing print and disappointing industrial production data from Germany and Japan further soured risk appetite. With concerns mounting over a global growth slowdown, Indian exporters, particularly in chemicals, metals, and consumer goods, have come under renewed pressure.

What is the market outlook after the April 4 decline in Indian stocks?

As corporate earnings season approaches, market participants are now closely watching for performance clarity, especially among midcaps that had rallied significantly over the past year. Experts suggest that without strong revenue growth or margin stability, further derating is possible in sectors such as pharmaceuticals, auto parts, and industrial exporters.

According to analysts at major brokerage houses, the current correction may serve as a necessary recalibration in overbought stocks, allowing room for long-term re-entry once valuations realign with earnings projections. However, geopolitical instability, oil price volatility, and uncertain central bank signals continue to cloud the near-term outlook.

While some investors are likely to find value in fundamentally strong counters that have corrected sharply, others are adopting a wait-and-watch approach. The volatility seen on April 4 may persist unless macro conditions stabilise and corporate guidance offers reassurance.