PI to Cummins: Nifty hits 24,400, but 5 stocks plunged up to 18%—What went wrong?

Its a bull charge on Dalal Street on Thursday, November 5, as the Indian equity benchmarks extended gains for the sixth straight session. The Sensex was up 1,590 points, or 2%, at 78,891.52 points while the Nifty rose 460 points, or 1.9%, to 24,424.70 points.

However, some stocks bucked the uptrend and plunged up to 18% on weak results for the September quarter and market worries about growth potential for the coming quarters.

Here are the six stocks that have slumped in Thursday’s bull market:

The PI Industries share price plummeted over 18% today, and hit a six-year low of Rs 1,791, on disappointing results for the September quarter.

The company’s net profit for the quarter declined 70% year-on-year (YoY) to Rs 122 crore. It reported a revenue of Rs 1,702 crore, down 9% YoY, while EBITDA dropped 57% to Rs 232.7 crore.

The Cummins India share price plunged around 15% to a low of Rs 4,031.20 per share, after it released earnings for the second quarter of financial year 2027.

The company’s net profit fell 18.5% to Rs 507 crore for the quarter from Rs 622 crore in the year-ago quarter. Revenue increased 4.1% YoY to Rs 3.301 crore. Cummins India’s EBITDA declined 27% to Rs 506 crore while EBITDA margin contracted sharply to 15.3% from 21.9% a year ago.

The Aptus Value Housing share price slumped 11% to hit an intraday low of Rs 183.41 per share. The company’s net profit increased 18% YoY to Rs 267 crore for the quarter, but missed the Street’s estimates.

The stock has declined over 17% in the last one month and 30% in the last three months.

The Kirloskar Oil Engines share price plunged around 9% to hit a low of Rs 1,646.80 apiece today. The company reported a 19% YoY decline in consolidated net profit to Rs 132 crore for the September quarter. Its consolidated revenue rose 17.1% to Rs 2,284 crore for the quarter.

The company’s EBITDA fell 11.5% to Rs 338 crore from Rs 382 crore a year ago, while EBITDA margin contracted to 14.8% from 19.6%.

The Apollo Hospitals share price tanked 4% to an intraday low of Rs 8,252. The company reported a 23% YoY increase in consolidated revenue to Rs 7,615 crore in the September quarter. EBITDA rose 29% to Rs 1,191 crore, while net profit increased 32% to Rs 630 crore.

The company had reported revenue of Rs 6,189 crore, EBITDA of Rs 924 crore and profit of Rs 477 crore in Q2 FY26. Its EBITDA margin improved to 15.6% from 14.9% a year earlier.