Dixon Technologies, NDTV, Radiocity among top 20 losers in Indian stock market

The Indian equity markets ended on a cautious note on Wednesday, with benchmark indices showing relative stability while mid-cap and small-cap counters came under intense selling pressure. Despite the Nifty 50 closing flat, a sharp correction was visible in broader markets, with the top 20 losers reflecting steep declines across micro-cap, pharma, media, logistics, and infrastructure stocks.

The underperformance was driven by a confluence of factors: rising U.S. yields, pre-RBI policy caution, weak institutional flows into midcaps, and signs of fatigue in high-valuation sectors. Investors and traders rotated capital out of speculative names in favour of defensives, while profit-taking and liquidity-driven trades intensified the declines in select counters.

Why Did Radiocity Share Price Drop Over 12%?

Music Broadcast Ltd, operating as Radio City, led the losers’ chart with a steep 12.38% fall to ₹9.48. Despite an early spike to ₹10.10, the stock saw heavy selling as investors expressed concern over weak ad revenues and the ongoing structural shift away from terrestrial radio toward digital audio platforms.

The company’s operational recovery post-pandemic has been uneven, with limited institutional interest due to muted EBITDA margins and stagnant revenue growth. The stock has now corrected substantially from its March highs, reflecting deteriorating investor sentiment in traditional media.

Themis Medicare Slides 10.8% as Pharma Midcaps Lose Steam

Themis Medicare Ltd dropped 10.82% to ₹142.80 amid renewed pressure across mid-cap pharmaceutical stocks. Investor sentiment weakened following a series of regulatory observations for other small pharma firms and continued pricing compression in U.S. generics.

Though Themis is active in API development and therapeutic niche categories, lack of pipeline updates and subdued Q4 results prompted selling. Analysts noted weak delivery on revenue guidance and limited earnings catalysts in the near term.

Fineotex Chemical Drops Nearly 10% on Margin Concerns

Specialty chemical player Fineotex Chemical Ltd declined by 9.85% to ₹232.00. Despite its consistent topline performance, investor sentiment cooled after Q4 results showed margin pressures stemming from input price volatility.

The broader chemicals sector has seen mixed institutional interest in May, with China reopening trends and inventory normalisation playing a significant role. FCL, which had rallied nearly 20% over the last six weeks, became vulnerable to profit booking in this risk-off environment.

Dixon Technologies Falls 5.8% Amid Manufacturing Headwinds

Dixon Technologies Ltd, a prominent electronics contract manufacturer, saw its stock slide 5.84% to ₹15,598. Weakness in smartphone and LED television demand, coupled with concerns over Production-Linked Incentive (PLI) scheme execution delays, contributed to the drop.

Institutional flows into consumer durables have slowed, and analysts flagged stretched valuations as a vulnerability. Though Dixon remains a structurally strong play, traders appear to be reducing positions until earnings visibility improves.

DHUNINV Sees 8% Dip on Thin Liquidity

Dhunseri Investments Ltd, a niche holding company, declined 8.26% to ₹1,452. The stock, which trades with low volumes, has seen erratic moves in recent sessions. The correction appeared technical, compounded by a lack of earnings catalysts and limited visibility on underlying asset value.

Holding companies have underperformed in May due to NAV discount widening and capital rotation into direct operating businesses.

LLOYDS-RE1 Partly Paid Shares Tank Nearly 8%

LLOYDS Enterprises’ partly paid shares (LLOYDS-RE1) fell 7.87% to ₹13.00 on high volumes exceeding 79 lakh shares. The speculative nature of the instrument made it especially prone to selloffs in a volatile market session.

Traders attribute the fall to expiry-related pressure and rebalancing activity amid weak metal demand expectations and correction in steel-linked names.

GULPOLY Falls 8% as Capex Cycle Optimism Wanes

Gulshan Polyols Ltd declined 8.08% to ₹194.00. The company, active in starch and ethanol blending solutions, was impacted by a broader cooldown in infrastructure and capex-related stocks.

With election-related spending uncertainties and ethanol policy tweaks pending, stocks with capex exposure have underperformed. Institutional flows into agro-chemical and ethanol adjacents remain muted, impacting valuation resilience.

Bedmutha Industries Corrects 6.85% on Profit Booking

Bedmutha Industries Ltd slipped to ₹154.00 after a recent rally driven by higher wire and cable demand in infra projects. With no fresh order inflows announced this week, investors booked profits.

The stock is thinly traded and often impacted by momentum-driven flows. Midcap industrials, despite macro tailwinds, continue to trade in volatile bands until execution data improves.

KRYSTAL Drops 6.83% on Infra Sentiment Weakness

Krystal Integrated Services Ltd fell to ₹649.00 as mid-cap infra services companies faced broad-based selling. The stock had rallied in recent weeks on hopes of state-level contracts but now faces a temporary pause in order flows.

The drop mirrors caution in infra-linked services stocks ahead of the June monetary policy and tighter liquidity signals.

SRM Contractors Declines 6.73% Despite Order Book Growth

SRM Contractors Ltd closed at ₹394.35, down 6.73%. While the company has announced healthy order book figures, the market appears concerned over delayed execution timelines amid rising input costs and funding constraints in Tier 2/3 urban projects.

Traders say the decline is part of a broader pattern where EPC and civil contracting midcaps are adjusting to valuation resets in the absence of quarterly re-rating triggers.

Sanghvi Movers Falls 6.58% on Heavy Volume Profit Taking

Sanghvi Movers Ltd dropped to ₹327.00, a 6.58% decline, despite being among the top beneficiaries of India’s infrastructure expansion. The fall was led by profit-taking after a sharp month-long run-up.

Heavy volumes suggest institutional offloading amid valuation concerns, though the company’s crane leasing and project services model remains fundamentally strong.

HOVS Slides 6.57% on Persistent Underperformance

HOV Services Ltd declined to ₹57.60 as back-office outsourcing firms without digital transitions continue to face selling pressure. The company has not announced any significant contracts or transformations, raising concerns over stagnation.

Low volume and investor apathy in small-cap IT continue to plague such legacy BPM firms.

ONEPOINT Down 6.36% on Logistics Weakness

ONEPOINT Ltd, which had earlier surged on logistics digitization trends, fell 6.36% to ₹64.92. The selloff reflects the slowdown in investor appetite for logistics aggregators and freight tech players amid volatile demand metrics and tighter valuations.

Retail investor churn remained high, and no major institutional support was visible on the order books.

NDTV Drops 6.28% Amid Media Sector Volatility

New Delhi Television Ltd (NDTV) fell to ₹153.52, down 6.28%, amid uncertainty over integration progress under Adani Group ownership. Traders remain cautious of regulatory developments and the company’s ability to maintain viewership share in the face of stiff digital competition.

Institutional flows remain marginal, and ad revenue guidance for the current quarter is awaited to assess forward visibility.

ZIM Laboratories Falls 6.22% on Margin Worries

ZIM Laboratories Ltd dropped to ₹88.60. Although the company maintains a niche in oral thin film formulations, investor concerns over export margins and currency impact led to selling.

The company’s recent performance was steady, but the lack of forward triggers and limited liquidity make it sensitive to even modest sentiment shifts.

WELINV Down 6.07% in Thin Trade

Welspun Investments and Commercials Ltd declined 6.07% to ₹807.20. The counter saw just 741 shares traded, indicating a low-float stock impacted by valuation recalibrations.

It continues to operate as a holding company and remains exposed to broader group stock performance and NAV-based movements.

Hindcon Chemicals Drops 5.65% Amid Infra Input Demand Slump

Hindcon Chemicals Ltd fell to ₹34.92, with weakening infra project announcements contributing to the selloff. The company, which makes waterproofing and construction additives, relies heavily on real estate project flows, which have recently stalled.

Investors appear to be trimming exposure ahead of election-related budget scrutiny.

GATECH Slides 5.62% on Debt Concerns

Gayatri Highways Ltd dropped to ₹0.84. With over 1.86 crore shares traded, retail churn dominated. The company’s continued delays in asset monetization and concerns over project completion timelines are driving sentiment lower.

Micro-cap infra and road development names have faced margin stress, and GATECH remains on FII exclusion lists due to financial distress.

Kokuyo Camlin Declines 5.50% as Discretionary Demand Wavers

Kokuyo Camlin Ltd ended at ₹108.50 after a 5.50% fall. The stock remains tethered to consumer stationery cycles, and muted volume sales across the sector have dampened forward earnings projections.

The company is attempting to diversify into high-margin segments, but until execution improves, volatility is expected.

LASA Supergenerics Drops 5.46% on Liquidity Pressure

LASA Supergenerics Ltd fell to ₹16.10, marking a 5.46% drop. The company, active in veterinary APIs, has struggled to maintain delivery consistency amid working capital stress.

Despite broader demand in animal health, investor confidence remains weak in the absence of promoter clarity and debt reduction updates.

Market Sentiment and Institutional Flow Snapshot

FIIs continued to be net sellers in the mid- and small-cap segments on 21 May, with DIIs selectively adding to defensives and high-dividend PSU names. The Nifty Smallcap 100 and Nifty Midcap 150 underperformed benchmarks, and broader market breadth remained firmly negative.

Investor mood remains cautious ahead of RBI’s June policy decision and global interest rate cues. Retail investors are advised to stay selective and avoid speculative counters with inconsistent fundamentals or poor liquidity support.