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IPCL continues to decline

Our Bureau

KOCHI, Oct. 25.

THE IPCL stock has been marking a southward trend on the major bourses over the last one week. The stock closed today at Rs 56.50 on the BSE and Rs 56.45 on the NSE, shedding over 6 per cent in the last five trading days.

About 6 lakh shares were traded on the NSE and around seven lakh shares on the BSE, which contained several block deals. Sources said that there were rumours of a leading petrochemical company selling in this counter.

"It's tough going for the petrochem sector right now. High input prices of some key products have not helped. Besides, post-divestment and buyback, there is a singular lack of interest in the counter," a chief dealer of a broking house said.

Market watchers maintain that the current depressed scenario and range-bound market were also casting a dampener.

Interestingly, the delivery-to-traded quantity ratio has been rising on the NSE. The ratio stood at 68 per cent today.

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