These 20 stocks plunged on April 21—even as Sensex soared over 850 points

Despite strong index-level gains on April 21, 2025, with the BSE Sensex rising more than 850 points and the NSE Nifty 50 scaling past the 24,100 level, several Indian stocks posted sharp declines, reflecting sectoral vulnerabilities, speculative unwinding, and structural business challenges. While the broader indices benefited from upbeat earnings by top banks and a favourable foreign investment climate amid a weaker U.S. dollar, the list of top Indian stock market losers painted a contrasting picture beneath the headline gains.

What drove AFIL to become the worst performer on April 21?

Among the worst-performing stocks, AFIL stood out with a steep 12.85% fall, closing at ₹8.48 compared to the previous close of ₹9.73. The stock witnessed extremely high trading volume of over 5.6 million shares, indicating a possible exit by short-term speculative investors. Despite opening at ₹9.00, the lack of fundamental triggers or business updates meant AFIL was vulnerable to profit booking after recent rallies. Its fall was symptomatic of broader volatility in microcap counters during rotational trades in the current stock market trends.

Was BTML-RE1’s decline linked to rights issue volatility?

BTML-RE1 dropped 11.11% to ₹0.16, with 2.57 million shares traded. This stock, a rights entitlement instrument, tends to be volatile due to its temporary nature and speculative trading pattern. As allotments and conversions near completion, a retreat in investor demand typically causes a markdown, particularly when broader equity sentiment favours large caps.

Why did Shaily Engineering see such a sharp fall?

Shaily Engineering Plastics Ltd. declined by 9.77% to close at ₹1,652.00. The stock had earlier touched a high of ₹1,779.80 in the session, suggesting intra-day optimism. However, investors may have reacted to concerns about input cost inflation, especially for petrochemical-based raw materials. With margins likely to be under pressure and no recent earnings guidance updates, the selloff marked investor nervousness about earnings visibility. This trend reflects one of the current stock market trends where engineering and plastic manufacturing stocks are facing near-term headwinds despite long-term potential.

Are textile and industrial stocks losing momentum?

Soma Textiles & Industries (SOMATEX) fell by 7.31% to ₹47.77, reflecting the textile sector’s struggle with high input prices, limited export incentives, and subdued global demand. Similarly, Archidply Decor Ltd. (ADL) dropped 6.14% to ₹108.00, following recent volatility in the building materials segment, which remains sensitive to credit availability and real estate absorption rates.

What caused the synchronized dip in penny and microcap stocks?

Several low-priced stocks saw declines of over 5%, including GATECHDVR, SHRENIK, and TPHQ. Gatech DVR dropped 5.71% to ₹0.99, SHRENIK slipped 5.41% to ₹0.70, and TPHQ fell 5.38% to ₹1.23. These stocks typically have limited institutional participation and are driven primarily by retail sentiment. In the absence of fresh news flow, they are prone to volatile swings, especially when investor attention shifts to high-performing large-cap sectors, as seen in today’s overall stock market performance.

Why did Kalamandir Jewellers and JP Associates see profit booking?

Kalamandir Jewellers (KALAMANDIR) declined by 5.40% to ₹118.60. The fall is likely attributed to profit booking after the company’s recent bullish momentum following its IPO. Despite sector tailwinds from gold prices and seasonal demand, discretionary spending concerns have moderated investor enthusiasm. Meanwhile, JP Associates (JPASSOCIAT), a legacy infrastructure and cement player with ongoing asset monetisation challenges, saw a 5.14% drop to ₹3.51 amid lack of clarity on its turnaround efforts.

How did agri and legacy cement players fare?

Agri-Tech India Ltd. (AGSTRA) fell 5.14% to ₹6.46, underscoring the market’s caution toward agri-input firms amid unpredictable monsoon forecasts and fertiliser subsidy uncertainty. Kesoram Industries Ltd. (KESORAMIND), with historical debt burdens and limited cement sector pricing power, dropped 5.08% to ₹2.99. Both stocks reflect broader investor scepticism about sectors that are highly dependent on policy clarity and seasonal factors.

Are specialty chemicals and pharma also under stress?

Sanginita Chemicals (SANGINITA) lost 5.07% to close at ₹11.62, continuing the underperformance trend of smaller chemical firms battling oversupply and margin pressure due to lower global demand. Panacea Biotec Ltd. (PANACEABIO) also dropped 5.00% to ₹496.80, with investors likely disappointed by a lack of pipeline visibility despite being in a defensive sector. Uncertainty around licensing revenue from vaccine contracts and biosimilar monetisation remains a key overhang.

What is behind the slump in BINANIIND, SBC, and TECILCHEM?

Binani Industries (BINANIIND) fell 5.02% to ₹21.95, with legacy legal issues and weak financial disclosures weighing on investor confidence. SBC Exports (SBC) declined 5.02% to ₹13.99 amid rising compliance risks and a lack of operational transparency. TECIL Chemicals (TECILCHEM), although trading in negligible volumes, fell 5.02% to ₹38.04, illustrating how illiquid microcaps are disproportionately affected by even small sell orders.

What does the drop in E2E, KEYFINSERV, RAJTV indicate?

E2E Networks (E2E) dropped exactly 5.00% to ₹1,808.00. This is significant given the company’s role in India’s cloud computing and digital infrastructure buildout. The fall could reflect investor caution over growth moderation in the enterprise cloud space. Keynote Financial Services (KEYFINSERV) and RAJ Television Network (RAJTV) also fell 5.00% each, suggesting broader stress in financial and media microcaps that are heavily reliant on cyclical advertising or brokerage revenues.

What’s the broader market context for April 21’s stock market performance?

India’s benchmark indices saw sharp upward movement, driven by positive earnings reports from ICICI Bank and HDFC Bank, which helped restore investor confidence. Foreign institutional investors (FIIs) continued their net buying streak amid favourable currency dynamics and expectations of sustained GDP growth. However, inflation concerns—especially in food and fuel categories—continue to pose risks, particularly to sectors like FMCG, pharma, and chemicals. The global policy environment remains volatile as new U.S. tariff policies under President Donald Trump are reshaping international trade dynamics, creating further uncertainty for export-dependent sectors.

The divergence between frontline stock strength and broader market weakness suggests a rotational investment approach, where investors are consolidating into quality names while exiting high-risk, low-liquidity counters. While today’s stock market performance shows optimism at the index level, the undercurrents in the losers’ segment point to persistent caution.

What should investors watch moving forward?

Market analysts recommend focusing on stock-specific fundamentals rather than chasing short-term price momentum, particularly in small and microcap segments. As earnings season unfolds and the Reserve Bank of India prepares for its next policy review, clarity on inflation targets, government borrowing, and subsidy spending will play a key role in shaping investor sentiment. Amid this evolving landscape, tracking daily stock trading news and in-depth stock market trends becomes crucial for navigating volatility.