Stocks hit by Greek saga

Stocks which have strong European exports are all down deep in the red today. The contagion or translational impact of the probably fall of Greece is worrying the marketmen. India’s 20% exports come from Europe and in case Greece defaults or exits, the impact on the price of Euro and ensuing uncertainty for some days could have an impact on the companies. The currency depreciation impact and not about Greek directly is what is sending down the jitters.

Most affected stocks are Cox & Kings, which is the top loser on the BSE currently, down almost 6.5% at Rs.234.25, followed by Havells India, down 3% at Rs.277.50 ( worries over its Sylvania operations), Motherson Sumi down over 3.5% at Rs.496.10 ( 85% of its exports are to Europe), Bharat Forge is down over 5% at Rs.1057 (25% of its revenue comes from exports to Europe), Tata Steel is also down almost 2.5% at Rs.291, Dr.Reddy’s which also has substantial exports to Europe is down 2.3% at Rs.3440, Himatsingka Seide, another company with substantial exports to Europe is down almost 4% at Rs.84.