Multibagger PSU stocks including PFC, REC, RVNL fall up to 20%; Nifty PSE index hits 2-month low

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₹429 apiece from Monday's high of ₹559, while REC tumbled to ₹472.40 from its previous high of ₹607.80 per share.Also Read: Stock market today: Investors lose ₹38 lakh crore as election race gets tighter than what exit polls predictedOther multibagger PSU stocks such as RVNL, IRFC, RailTel Corporation, and IRCON International also experienced declines of up to 15% during today's trade. Additionally, defense PSU stocks like Mazagon Dock, Cochin Shipyard, and Bharat Dynamics saw losses of up to 10% in their share values.The entire PSU sector took a hit, reflected in all PSU sectoral indices trading in the red with cuts exceeding 10%.

Notably, Nifty CPSE was down by 15%, Nifty PSU Bank by 16%, Nifty PSE by 16%, and S&P BSE PSU by 15%. Meanwhile, BSE Power also recorded a significant decline, tumbling over 13% amidst the market turmoil.Investor concerns are mounting about the BJP securing a majority, potentially leading to uncertainty in the political landscape, resulting in a sharp drop in markets today.Also Read: Defence stocks tumble 11% amid tight election race; BEL, HAL among top losersMeanwhile, other PSU stocks such as Oil and Natural Gas Corp., Coal India, NTPC, NLC India, Power Grid Corporation, Oil India, SJVN, NHPC, and NBCC (India) have all declined between 13% and 20%.In the PSU banking sector, all 12 constituents of the Nifty PSU index tumbled between 14% and 20% in today's trade.