Indian stock market: Top losers on April 30, 2025, as broad-sector weakness hits equities

Why Did Indian Equities See Widespread Losses on April 30?

Indian stock markets closed marginally lower on April 30, 2025, snapping a brief two-day rally as selling pressure emerged across multiple sectors. The BSE Sensex lost 46 points to close at 80,242.24, while the NSE Nifty 50 fell slightly by 1.75 points to end at 24,334.20. The broader market tone turned cautious amid a spike in volatility, with India VIX surging by 6.5%, reflecting heightened risk aversion. Declines in mid-cap and small-cap counters were more pronounced, with several stocks witnessing steep double-digit percentage losses.

The list of top 20 losers on the Indian bourses included companies from chemicals, manufacturing, consumer goods, IT, agro-processing, and pharmaceuticals. This sectoral spread indicates that the declines were not isolated to one or two segments but reflected a broader de-risking by market participants.

Which Stocks Were the Biggest Losers and What Triggered Their Decline?

Premier Explosives Ltd. recorded the sharpest intraday decline among the top losers, closing at ₹414.05, down 11.40% from its previous close of ₹467.30. The stock had witnessed a sharp run-up in recent sessions, and the correction appeared technical in nature, exacerbated by profit-booking and lack of institutional bids.

GTEC Jainx followed with a 9.91% drop to ₹25.35. With low trading volumes and limited institutional coverage, the company’s movement is typically sensitive to market liquidity, and April 30 proved no exception.

Praj Industries Ltd., a key player in bio-energy and engineering, declined by 8.78% to ₹463.70. The stock came under pressure following concerns around deferred capex decisions in the ethanol and clean energy space due to policy uncertainties surrounding subsidies and feedstock pricing.

Oswal Agro Mills Ltd. saw its stock fall by 8.48% to ₹77.41, driven by weak earnings outlook amid falling agro commodity prices. Similarly, GSS Infotech Ltd. dropped by 8.31% to ₹37.40 as IT midcaps continue to face headwinds from reduced IT services spending in export markets.

Walchandnagar Industries Ltd. declined by 7.98% to ₹180.17. The company, which is exposed to capital goods and defense manufacturing, may be facing delays in order execution and margin stress. Westlife Foodworld Ltd., operator of McDonald’s India in the West and South regions, fell 7.87% to ₹662.15, as investors grew wary of Q4 demand compression in the quick service restaurant (QSR) segment.

Damodar Industries Ltd. slipped 7.79% to ₹31.11, weighed by poor yarn export demand and currency volatility. HB Stockholdings Ltd. lost 7.74%, closing at ₹85.20 as part of a broader trend of decline among investment holding companies, which are typically affected by NAV fluctuations.

Max India Ltd. dropped 7.53% to ₹190.00, while Ashima Ltd., active in the textiles and denim business, lost 7.42% to ₹30.20 due to softening demand in domestic fabric consumption.

Sagar Cements Ltd. fell 7.27% to ₹29.07, reflecting ongoing margin pressures across the cement sector, particularly in the South Indian market. Global Vectra Helicorp Ltd., which provides aviation services for offshore oil and gas exploration, saw its share price drop 7.23% to ₹56.46, likely due to reduced charter demand and high fuel costs.

Ambica Agarbathies & Aroma Industries Ltd. was down 7.22% to ₹26.98. Bajaj Healthcare Ltd. dropped by 7.04% to ₹515.00 amid reports of pricing pressure in its export-oriented APIs business.

Pavna Industries Ltd., focused on automotive components, fell 6.95% to ₹309.90 as weak auto demand continued to weigh on ancillary firms. Retailer Shoppers Stop Ltd. also declined by 6.95%, ending at ₹510.00, possibly reflecting concerns around urban discretionary spending and inventory build-up.

Bannari Amman Spinning Mills Ltd. declined 6.93% to ₹31.00, impacted by weak cotton yarn exports. Ruchi Infrastructure Ltd. fell to ₹7.25, also down 6.93%, dragged by muted infrastructure development orders. Indian Card Clothing Company Ltd. lost 6.84%, closing at ₹295.10.

Across the board, the sharp intraday corrections were reflective of both stock-specific developments and market-wide derisking.

What Economic and Policy Factors Drove Broader Market Sentiment?

Market sentiment in India remained subdued following weak global cues and mounting geopolitical stress. The U.S. economy contracted 0.3% in Q1 2025, marking its first quarterly GDP decline in three years. This unexpected contraction rattled global markets, with fears of stagflation or policy missteps triggering capital outflows from emerging markets.

Adding to the pressure was uncertainty over global trade policy, as the United States reinstated higher tariffs on imports from several economies, including key Asian trade partners. This raises concerns for Indian exporters, especially those in textiles, chemicals, and auto ancillaries, who may face reduced competitiveness.

On the domestic front, India’s GDP growth forecast for FY25 was revised downward to 6.5% from previous expectations of 6.9%. Analysts flagged persistent structural issues, such as a narrow tax base, limited formal job creation, and weak rural demand, as risks to sustained momentum.

The recent rise in crude oil prices also weighed on sentiment, raising the prospect of imported inflation. The rupee came under renewed pressure, with the USD/INR moving closer to 85.50 levels, adding to worries of cost pressures for companies dependent on imported inputs.

How Are Institutional Investors Reacting to the Volatility?

According to provisional exchange data, foreign institutional investors (FIIs) turned net sellers on April 30, offloading equities worth ₹1,725 crore. This marked the third consecutive session of FII selling, as global funds rotated out of risk assets and into safe havens like U.S. Treasuries and gold.

On the other hand, domestic institutional investors (DIIs) stepped in to cushion the fall, with net buying worth ₹1,268 crore. However, their participation remained selective, focused on high-quality large caps, while midcaps and smallcaps bore the brunt of selling.

Market experts noted that the elevated volatility index, combined with thin liquidity in the broader market, exacerbated price swings for smaller companies. They advised a cautious approach to bottom-fishing, particularly in stocks showing weak earnings or governance concerns.

What Is the Near-Term Outlook for Indian Equities?

With global economic data turning mixed and India facing pre-election policy uncertainties, the near-term outlook for equities remains fragile. Analysts expect continued volatility in May as corporate earnings results, macroeconomic data, and geopolitical events unfold.

While benchmark indices remain resilient above key support levels, sector-specific rotation is likely, with a focus on companies demonstrating earnings visibility, low leverage, and pricing power. Stocks in export-linked sectors may see pressure if global demand remains weak or if trade frictions persist.

At the same time, opportunities could emerge in segments such as capital goods, infrastructure, and select PSUs, especially if government capex remains robust and monsoon forecasts hold steady.