Top Losers Today 23-Apr-2026: Stocks Under Pressure

Introduction

Nifty 50 closed at 24,173.05, down 205.01 points (-0.84%), while Sensex fell 852.49 points (-1.09%) to end at 77,664.00 on April 23, 2026. Market breadth stayed weak with 1,385 gainers against 1,779 losers (111 unchanged), reflecting broad risk reduction outside pharma.

Banks and autos were the key drag on the benchmarks, while pharma outperformed with the Nifty Pharma index rising more than 2% in a defensive rotation.

Large Cap Top Losers

Union Bank of India (-7.40%) Union Bank fell sharply after its Q4 FY26 results, with investors reacting to a steep jump in provisions that raised concerns on near-term earnings quality. The bank’s provisions rose to ₹1,055 crore, about three times higher, even as reported profit increased year-on-year.

Trent Ltd (-4.21%) Trent declined as investors cut exposure to discretionary retail amid global uncertainty, with the market commentary flagging concerns around Middle East disruptions and their potential impact on supply chains, commodity costs, and inflation. The stock also saw a pullback after recent gains, indicating profit-taking into a weak tape.

TVS Motor Company Ltd (-3.87%) TVS Motor slid in line with the auto pack as autos were among the biggest index drags during the session. The decline came on high traded volume, signalling active unwinding rather than a low-liquidity dip.

LG Electronics India Ltd (-3.84%) LG Electronics India dropped amid broad-based selling outside pharma, with investors reducing positions in consumer-facing names as the headline indices fell more than 0.8%. The move came with meaningful volume (8.44 lakh shares), pointing to institutional de-risking on a down day.

Tata Motors Ltd (-3.60%) Tata Motors weakened as the auto sector remained under pressure through the day, contributing to the Nifty’s decline below 24,200. The stock was also among the day’s heavily traded counters (93.22 lakh shares), reflecting sustained selling in auto bellwethers.

Mid Cap Top Losers

Havells India Ltd (-6.72%) Havells dropped as investors sold into broader midcap weakness, with the day’s market tone showing outsized pressure in non-pharma sectors. The stock’s steep fall on 59.62 lakh shares indicated aggressive distribution rather than a marginal decline.

APL Apollo Tubes Ltd (-4.63%) APL Apollo Tubes declined in a risk-off session where cyclicals saw heavier selling as the benchmarks slid. The drop came alongside negative breadth across the market, and the stock traded 5.87 lakh shares, showing firm participation on the sell side.

Ashok Leyland Ltd (-4.61%) Ashok Leyland fell with the auto pack as autos were called out as a key drag on the benchmarks on April 23. Heavy turnover of 3.48 crore shares underlined that the move was driven by strong volumes.

Dixon Technologies (India) Ltd (-3.65%) Dixon Technologies slipped as investors pared positions in higher-beta manufacturing plays during a broad sell-off in financials and select large caps. With 8.03 lakh shares traded, the move reflected meaningful activity rather than isolated selling.

Lodha Developers Ltd (-3.26%) Lodha Developers eased as rate-sensitive and cyclical segments faced pressure in a session dominated by declines in banks and financials. The stock’s 17.39 lakh share volume suggested continued unwinding across real estate counters.

Small Cap Top Losers

Rajesh Power Services Ltd (-11.35%) Rajesh Power Services slid despite posting strong audited FY26 numbers, indicating a sell-on-results reaction after the announcement. The company reported FY26 revenue of ₹1,627.94 crore (+51.9% YoY), EBITDA of ₹197.16 crore (+59%) and PAT of ₹143.20 crore (+48%), and the board also recommended a final dividend of ₹1 per share.

IIFL Finance Ltd (-10.12%) IIFL Finance extended its sharp fall as regulatory and investigative overhang dominated trading, after the RBI barred it from sanctioning new gold loans and reports flagged an Income Tax special audit. The stock was among the heaviest-volume losers (83.96 lakh shares), showing forced selling and risk reduction.

Sarla Performance Fibers Ltd (-9.05%) Sarla Performance Fibers dropped after reporting a consolidated net loss of ₹59.64 crore for the March 2026 quarter versus a profit of ₹12.69 crore a year ago, despite a 2.19% rise in sales. The fall also tracked investor discomfort with a qualified audit opinion tied to a large exceptional loss from the sale of preference shares in a US subsidiary, while the board deferred buyback consideration.

Msafe Equipments Ltd (-8.85%) Msafe Equipments fell sharply without a fresh company-specific announcement in the provided updates, suggesting the move was driven by technical selling and thin small-cap liquidity. The decline came with 2.19 lakh shares traded, which can amplify price swings in smaller counters.

Amal Ltd (-8.61%) Amal declined even after filing audited FY26 results with unmodified audit reports and recommending a 15% final dividend (₹1.50 per share), signalling that investors continued to cut exposure despite the corporate action. The stock’s fall on low absolute volume (54.73 thousand shares) also points to liquidity-driven pressure.

Market Overview

Benchmark indices ended lower amid broad-based selling pressure, with Nifty 50 settling at 24,173.05 (-0.84%) and Sensex closing at 77,664.00 (-1.09%). Nifty Bank underperformed, ending at 56,305.00 (-1.43%), consistent with the day’s leadership in losses coming from banks, NBFCs, and select cyclicals.

Sector rotation was clear as pharma stocks outperformed, with the Nifty Pharma index rising more than 2%, while autos and banks dragged the benchmarks through the session. Market breadth remained negative with 1,385 stocks advancing, 1,779 declining, and 111 unchanged.

The day’s loser list also reflected stock-specific reactions to earnings and regulatory events: Union Bank fell after investors focused on higher provisions in Q4, while IIFL Finance remained under pressure amid fresh regulatory and audit-related headlines.

Explore More Market Movers

Readers can explore the complete list of market movers here:

https://www.multibagg.ai/market-movers/top-gainers