Stocks of broking platforms tank, Angel One and Motilal Oswal fell up to 10 pc

Mumbai, March 3: Stock market-oriented online platforms like Angel One and Motilal Oswal Financial services extended their losses on Monday as broader markets continued to see downturn.

Shares of brokerage platform Angel One hit an intra-day low of Rs 1,952.25, down 10 per cent. However, it recovered later and closed at Rs 1,979, down by 8.77 per cent. Angel One's shares declined more than 11 per cent in the last one week.

Shares of other brokerage house, Motilal Oswal Financial Services, also witnessed a sharp decline. At closing, the financial services company shares were down 1.83 per cent at Rs 577. This stock declined about 6 per cent in the last one week.

Bombay Stock Exchange (BSE) shares also witnessed a sharp fall. At closing, the stock was down 5.78 per cent at Rs 4,366. BSE shares declined by more than 21 per cent in the last one week.

Apart from this, shares like CAMS and CDSL fell by up to 9 per cent in the last one week. The reason for this decline is attributed to the decline in the volume of the stock market.

On Friday, Zerodha CEO and Co-founder Nithin Kamath had said they are facing business degrowth for the first time in 15 years.

“Across brokers, there's a more than 30 per cent drop-in activity. Combined with the true-to-market circular, we are seeing degrowth in the business for the first time since we started 15 years ago,” Kamath stated.

Benchmark Indian equity indices ended almost flat on Monday in a volatile trading session amid mixed global cues.

The 30-share Sensex closed at 73,085.94, down by 112.16 points or 0.15 per cent. The index fluctuated between a high of 73,649.72 and a low of 72,784.54 during the intra-day session.

The Nifty finished at 22,119.30, down just 5.40 points or 0.02 per cent from its previous close. The index reached a high of 22,261 during the session and dipped to a low of around 22,004.