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"Nifty Smallcap 50 and the Nifty Smallcap 250 they are off the all time highs from somewhere between 8% and 21% depending on which index one is looking at. They have already been underperforming and once the heavyweights start dragging the markets lower, the underperformance of the broader markets will continue. Once things start turning down for the largecaps, the selling in the broader markets could get more intense."

The forensic auditor appointed by Sebi in its report indicated that complex layered transactions were executed on behalf of the company and the persons behind such acts were Kulkarni, Kumar and Mulekar, who were the promoter and directors of the firm.

The market saw a bloodbath this year. The S&P 500 is down 19% YTD and the technology-heavy Nasdaq 100 index is down over 30%. The analysts are divided on when these will recover due to concerns about high-interest rates and a continued recession.

The stock traded at a P/E multiple of 100.39, while the price-to-book value ratio stood at 4.79.

“The near-term market construct is not favourable for equities. The rising Covid cases in the US, Korea, Brazil, and China is an area of concern. The situation is dire in China. This might impact market sentiments,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Axis Bank also surged over 16% in the last three months, while it has risen over 50% in the last six months. Meanwhile, three leading private sector banks, HDFC Bank, ICICI Bank, and Kotak Mahindra, gained 7%, 18%, and 1%, respectively, in 2022.

A total of 1,028,369 shares changed hands on the counter till 02:05PM (IST).

On the technical charts, the RSI of the stock stood at 46.12.

Promoters held 0.0 per cent stake in the company as of 30-Sep-2022, while FII and DII ownership stood at 17.35 per cent and 21.19 per cent, respectively.

Samvardhana Motherson International, incorporated in the year 1986, is a Large Cap company (having a market cap of Rs 32007.30 Crore) operating in Auto Ancillaries sector.