Biggest Stock Losers Today in India (10 December 2025): Kaynes Tech, IndiGo, Eris Lifesciences, Paytm Drag NSE & BSE

Indian equities looked deceptively calm in Wednesday’s session, but under the surface it was another bruising day for several high‑beta midcaps and a handful of blue‑chip names.

By around 12:30 pm IST on 10 December 2025, the Sensex hovered near 84,645 (‑0.03%) and the Nifty 50 was essentially flat around 25,839, even as the Nifty Midcap and Smallcap indices slipped about 0.4% and 0.2%, respectively. Metals, auto and realty shares held up, while IT and PSU bank stocks were among the main drags. ^[1]

The weakness comes after a sharp two‑day slide earlier this week, when the Sensex and Nifty 50 fell over 1% as investors booked profits at rich valuations ahead of the US Federal Reserve’s policy decision and amid lingering uncertainty around an India–US trade agreement.

Against that backdrop, here’s a deep dive into today’s biggest stock losers on the Indian market (NSE & BSE), why they fell, and what analysts and technical charts are signalling next.

Market snapshot: calm indices, choppy internals

Headline indices: Around midday, the BSE Sensex traded near 84,644.81 (down 21.57 points) and Nifty 50 was flat at 25,838.80. ^[2]
Broader market: The Nifty MidCap index was down ~0.39% and Nifty SmallCap ~0.24%, underperforming the large‑cap benchmarks. ^[3]
Sectors:
- Gainers: Metals, auto and realty indices were modestly higher. ^[4]
- Losers: IT, PSU banks and select private banks continued to weigh on sentiment after leading Tuesday’s fall.

Macro‑wise, markets are still digesting a second straight day of declines on Tuesday, driven largely by IT stocks and cautious positioning ahead of the US Fed’s rate decision, where traders overwhelmingly expect another 25 bps cut but fear a less aggressive easing path.

Top percentage losers in the Nifty 500: midcaps take the biggest hit

The heaviest damage today was in the Nifty 500 universe, where many richly valued or news‑heavy names saw sharp intraday declines. According to the Economic Times’ Nifty 500 top losers list (as of ~12:30 pm IST), the worst‑hit counters included Kaynes Technology, Eris Lifesciences, Triveni Engineering, Tata Teleservices, Latent View Analytics, Reliance Power, Usha Martin, Five-Star Business Finance, Shyam Metalics, Paytm, BSE, Data Patterns, Kirloskar Bros, InterGlobe Aviation and Avenue Supermarts, with one‑day falls broadly between ~2.5% and ~8%. ^[5]

Kaynes Technology: governance overhang keeps the selloff alive

Kaynes Technology India Ltd was once again the star underperformer:

The stock traded around ₹3,990, down about ₹342 (~8%) intraday, topping the Nifty 500 losers list. ^[6]
This follows a brutal slide of nearly 31% over the past five trading sessions, triggered by a critical Kotak Institutional Equities report flagging inconsistencies in financial disclosures and related‑party transactions across Kaynes entities.

Kotak’s note raised questions around:

Goodwill accounting for acquisitions like Iskraemeco and Sensonic,
Mismatches between purchases, payables and receivables across group entities, and
Missing related‑party disclosures in standalone filings (though correctly eliminated at the consolidated level).

In response, Kaynes told exchanges that:

Under Ind AS 103, customer contracts from the acquisition were recognised as intangible assets and amortised, limiting the visible rise in goodwill.
Omitted related‑party transactions in standalone accounts have now been corrected.

Despite the turmoil, some foreign brokerages still see value:

Macquarie maintains an “outperform” rating with a target of ~₹7,700, implying almost 100% upside from recent levels, though it stresses the need for stronger internal systems and cleaner cash‑flow visibility.
JPMorgan calls Kaynes the cheapest stock under its coverage post‑correction, retaining an “overweight” view with a target near ₹7,550, while warning about stretched working capital and receivables.

Mint’s technical commentary notes that Kaynes is below its 200‑day moving average and deeply oversold, with support seen near ₹3,850–3,750 and potential rebound targets around ₹4,400 if that zone holds; a break lower could open room towards roughly ₹3,240.

Bottom line: Governance doubts + rich historical valuations + high retail & mutual fund ownership have turned Kaynes into a volatility magnet, making it the headline loser of the day.

Eris Lifesciences: expensive pharma favourite sees profit‑taking

Eris Lifesciences was another big Nifty 500 loser:

At around 12:47 pm IST, Eris traded near ₹1,612.10, down 5.26% for the day, with a session range of ₹1,691–₹1,612. ^[7]
Yet the stock is still up ~23.8% year‑to‑date and 8.4% over the last 5 days, even after today’s dip.

Valuations remain punchy:

TTM P/E around 50x, versus a sector average near 28x.
Mutual funds hold ~17.3% of the company as of 30 September 2025 (up QoQ), while FII holding around 7.2% has edged lower.
Mint’s rating summary shows a predominantly “buy/strong buy” analyst stance, reflecting confidence in the company’s chronic therapy and insulin‑linked pipeline.

Given this backdrop, today’s fall looks more like valuation‑driven profit‑taking in a crowded pharma winner than the start of a structural breakdown—though the high multiple leaves little room for earnings disappointments.

Triveni Engineering: sugar stock cools off after a sharp run

Triveni Engineering & Industries also made it into the top losers:

Traded near ₹347, down about ₹18 (~5%) intraday. ^[8]
Price‑history data show the stock rallied ~8% on 9 December, suggesting today’s decline is partly a give‑back of recent gains rather than a fresh negative trigger. ^[9]

Sugar and ethanol‑linked names have been volatile in recent months, reacting to monsoon headlines, policy signals and sector‑specific earnings expectations; Triveni’s move fits that pattern.

High‑beta telecom, analytics & power plays tumble

Several high‑beta, retail‑heavy names also featured prominently among today’s losers:

Tata Teleservices (Maharashtra): Around ₹51.47, down ₹2.31 (~4.3%).
Latent View Analytics: Around ₹481.85, down ₹20.25 (~4%), hurt by a broader risk‑off mood toward richly valued analytics and small‑cap tech.
Reliance Power: At ₹34.24, down ₹1.38 (~4%), reflecting persistent scepticism around leveraged legacy power plays in a choppy market.
Shyam Metalics and Usha Martin: Both down roughly 3–4% as metal names saw selective profit‑booking after recent strength in base‑metal prices.

None of these counters had major fresh company‑specific news today; selling appears primarily sentiment‑driven, amplified by their high beta and heavy retail participation.

Financials & fintech under pressure: Five-Star, Paytm, BSE, Data Patterns

The selloff also extended into lenders, fintech and market‑infrastructure stocks:

Five-Star Business Finance: Around ₹561.85, lower by ₹16.55 (~3%).
Paytm (One97 Communications): Around ₹1,282, down ~₹35 (~2.7%), adding to recent volatility in the frequently traded fintech name.
BSE Ltd: Around ₹2,645, down ~₹71 (~2.6%), even as analysts continue to favour exchanges as a structural play on rising retail participation.
Data Patterns (India) and Kirloskar Brothers: Both down around 2.5–3%, reflecting some unwinding in defence and capital‑goods bets that have rallied strongly over the past year.

Interestingly, a fresh Business Standard strategy piece on the “capital market theme” reiterated that brokers prefer exchanges and depositories (NSE, BSE, MCX, CDSL, NSDL) over traditional AMCs, citing strong operating leverage and annuity‑like revenue streams as equity culture deepens.

That suggests today’s dip in BSE is more tactical than thematic, though volatility can remain high as valuations normalise across the segment.

Index heavyweights under pressure: IndiGo crisis keeps aviation in focus

InterGlobe Aviation (IndiGo): cancellations, DGCA action and ministerial heat

InterGlobe Aviation, the operator of IndiGo, is one of the most closely watched laggards today:

In the Nifty 500 top losers table, the stock traded around ₹4,842, down ₹126 (~2.5%). ^[10]

This follows a brutal stretch earlier in the week:

Business Standard reported the stock crashed about 7% on Monday, as the airline’s operational meltdown and large‑scale flight cancellations spooked investors. ^[11]
The DGCA has ordered a 5% cut to IndiGo’s winter flight schedule (around 115 daily flights), citing the airline’s failure to demonstrate it can operate at the previously approved capacity. ^[12]

The regulatory and political pressure is intense:

The Civil Aviation Minister told Parliament that IndiGo’s CEO could be “sacked if necessary”, signalling that the government is willing to take “very, very strict action” if issues persist. ^[13]
A Business Standard piece on the broader “IndiGo crisis” highlighted how the episode underscores risks of corporate dominance in critical sectors like aviation. ^[14]
A separate analysis from Emkay Global estimated that flight cancellations and schedule cuts could shave roughly 17% off IndiGo’s FY26 pre‑tax profits, underscoring the potential earnings hit if disruptions linger. ^[15]

Market technicians now flag IndiGo as one of the Nifty 50 stocks with RSI in oversold territory, reflecting how steep and rapid the decline has been.

Eternal, banks, IT and other blue chips

Beyond IndiGo, several index heavyweights traded in the red, even if their percentage moves were modest:

Business Standard’s midday market update cited Bharat Electronics (BEL), Bharti Airtel, Eternal, Titan, Sun Pharma, L&T and ICICI Bank among the top losers on the Sensex around noon. ^[16]
ET Now’s “Top Gainers and Losers” list for the session showed Eternal, InterGlobe Aviation, Apollo Hospitals, HDFC Bank, TCS, Bajaj Finance and BEL among the key laggards, with intraday declines broadly between ~0.5% and ~2.3%. ^[17]

While these percentage moves don’t look dramatic, the heavy index weights of banks, IT and large‑cap industrials mean they exert outsized influence on the Nifty 50 and Sensex, helping explain why indices struggled to rebound decisively despite strength in pockets like metals and select autos.

What’s driving the sell‑off beneath the surface?

Several overlapping factors are shaping today’s losers list:

1. Valuation reset after a steep run

The Sensex and Nifty 50 recently hit lifetime highs, before sliding over 1% in just two sessions, as highlighted by a Mint explainer on why the market has fallen over 1,000 points in 48 hours.
The correction has been sharper in midcaps and smallcaps, which had massively outperformed and now trade at richer multiples than large‑caps—making them more vulnerable to bad news or macro jitters.

That helps explain why Nifty 500 names like Kaynes Technology, Eris, Triveni, Latent View, Reliance Power, Paytm and BSE have taken disproportionately large hits today. ^[18]

2. Stock‑specific shocks

In Kaynes, it’s a corporate‑governance scare: Kotak’s forensic‑style note, exchange queries and lingering doubts about disclosures have fuelled panic selling, even as other brokerages argue fundamentals remain intact.
In IndiGo, a combination of operational chaos, regulatory clampdown, potential management shake‑up and ratings‑agency warnings has created a classic event‑risk overhang that the market hates to price. ^[19]

3. Fed, rates and global risk sentiment

Global cues have been lukewarm: Reuters notes that IT stocks dragged Indian equity benchmarks lower ahead of the Fed decision, with investors cautious about the path of US rates and the still‑unresolved US–India trade deal.
Higher‑duration growth stocks, especially IT, analytics and high‑multiple midcaps, tend to be most sensitive to shifts in rate‑cut expectations—hence the outsize damage in Latent View, Coforge and other tech plays that feature in the top‑losers list.

4. Sector rotation and risk trimming

Moneycontrol’s and Business Standard’s live blogs both emphasize that IT and PSU banks are under pressure, while metals, consumer names and some autos see relative resilience. ^[20]
That fits a classic late‑cycle rotation, where investors temporarily favour cash‑flow‑rich cyclicals and defensives over expensive growth names when uncertainty spikes.

What are charts and strategists signalling from here?

Nifty 50 technical levels

Two widely followed technical views published this morning give a fairly consistent short‑term map:

SBI Securities (via Moneycontrol) notes that the Nifty’s weekly expiry session created a “High Wave” candle after the index bounced from its 50‑day EMA near 25,730, indicating indecision. The report pegs:
- Support: 25,730–25,700
- Resistance: 25,950–26,000, with potential extension to 26,150 on a sustained breakout.
HDFC Securities (via Business Standard trading guide) similarly observes that Nifty found precise support at 25,728 (50‑DEMA) but remains below its 5, 10 and 20‑day moving averages, keeping the near‑term trend tilted down. Key levels mentioned:
- Immediate resistance: 25,950–26,000
- Key support: Tuesday’s low of 25,728.

In other words, today’s losers are unfolding against a backdrop of a fragile, range‑bound index, where one more decisive break below 25,700 could trigger a deeper correction.

Medium‑term Nifty outlook: Kotak’s 2026 roadmap

A fresh Kotak Securities strategy note published today paints a more constructive medium‑term picture:

Bull case: Nifty 50 at 32,032 by December 2026 (~24% upside from current levels).
Base case: Nifty at 29,120 (~13% upside).
Bear case: Around 26,208, only slightly above present levels.

Kotak argues that:

Indian equities have largely moved sideways for 12–15 months, underperforming many global peers.
Concerns about stretched valuations and earnings downgrades have partially played out, improving the risk–reward set‑up.
Earnings growth is expected to be broad‑based across sectors between FY26–FY28, with a preference for BFSI, IT, healthcare and hospitality.

That framework suggests that today’s sell‑off in quality names may be part of a healthy reset, rather than the start of a structural bear market—though individual laggards like Kaynes or IndiGo clearly face stock‑specific headwinds.

Stock‑specific read‑throughs

Kaynes Technology: Technicals remain weak but oversold; broker targets still imply large upside if the company convincingly addresses disclosure issues and stabilises cash flows.
Eris Lifesciences: Fundamentals and analyst stance remain broadly positive, but the P/E premium vs sector suggests more volatility whenever risk‑off moods return.
IndiGo (InterGlobe Aviation): The street is now discounting operational and regulatory risk, with Moody’s and broker estimates pointing to meaningful earnings impact; sentiment is unlikely to normalise until flight schedules stabilise and DGCA concerns ease. ^[21]

What should investors watch in the coming sessions?

Without giving personalised advice, a few market‑wide signposts stand out:

US Fed outcome and commentary
- The tone of tonight’s Fed decision—not just the headline cut, but the guidance on the pace of future easing—will be crucial for risk assets globally and especially for rate‑sensitive IT and high‑P/E growth stocks.
Nifty 50 support around 25,700–25,730
- Multiple technical houses now converge on this as near‑term line in the sand. A sustained break below could accelerate FII selling and pressure broader midcaps further.
Regulatory updates on IndiGo
- Any further action—from additional slot cuts to penalties or mandated refunds—could keep InterGlobe Aviation on the losers’ list and weigh on aviation sentiment more broadly. ^[22]
Corporate governance and disclosure clean‑up
- How quickly companies like Kaynes Technology upgrade their reporting, auditor oversight and related‑party transparency will determine whether recent crashes turn into long‑term value opportunities or lasting de‑ratings.
Rotation between midcaps and large‑caps
- With some strategists projecting double‑digit upside for the Nifty by 2026, but from a cooler valuation base, the leadership between broad midcaps vs quality large‑caps will be an important trend to track.

Final word (and a quick disclaimer)

Today’s session on 10 December 2025 shows that even when headline indices look flat, there can be steep damage beneath the surface—especially in news‑heavy, richly valued or high‑beta names like Kaynes Technology, IndiGo, Eris Lifesciences, Triveni Engineering, Paytm and BSE.

Whether these declines morph into buy‑the‑dip opportunities or deeper downtrends will depend on:

how macro cues (the Fed, global growth, trade deals) evolve,
how companies respond to regulatory and governance questions, and
whether earnings over the next few quarters validate the lofty valuations many of these stocks still command.

References