Cupid's Stock Hits New Low Amid Broader Market Decline and High Pledged Shares

Cupid, a small-cap player in the rubber products industry, has experienced significant volatility today, hitting a new 52-week low of Rs. 63.7. This decline marks a continuation of a downward trend, with the stock underperforming its sector by 0.85% and recording a total drop of 5.38% over the past three days. Currently, Cupid is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a bearish technical outlook.
In the broader market context, the Sensex opened lower at 73,743.88, reflecting a loss of 371.29 points, and is currently trading at 73,822.18. The index is nearing its own 52-week low, which adds to the overall market sentiment affecting stocks like Cupid.

Despite a notable increase in profits, with a 116.8% rise over the past year, Cupid's stock has plummeted by 45.03%, significantly underperforming the BSE 500 index, which saw a decline of only 1.20%. Additionally, 40.52% of promoter shares are pledged, which could exert further downward pressure on the stock in a declining market.