Vishnu Prakash: – 80%
Vishnu Prakash R Punglia’s share price is falling primarily due to consistent poor financial performance, including declining sales and profits across multiple quarters, rising debt and interest costs, and a reduction in promoter shareholding. The stock is currently trading at an all-time low of approximately ₹48.40-49.60 as of January 14, 2026, a decline of over 80% from its 52-week high of ₹269.45.
Vishnu Prakash R Punglia Limited (VPRPL) is an integrated engineering, procurement, and construction (EPC) company with over three decades of experience in designing and constructing infrastructure projects for government and private bodies across India. The company operates with an integrated business model, utilizing in-house capabilities and a fleet of over 500 construction equipment to reduce dependence on third parties.
Key Reasons for Share Price Decline
1) Deteriorating Financial Performance: The company has reported negative results for six consecutive quarters, with net sales and profit after tax (PAT) declining significantly. The PAT in Q2 FY26 fell by nearly 85% year-on-year to ₹3.65 crores
2) Increased Debt Burden: Interest expenses have risen substantially, increasing by over 23% over nine months, which is straining the company’s earnings. The high debt-to-EBITDA ratio also indicates elevated leverage.
3) Promoter Stake Reduction: Promoters reduced their shareholding by over 9% in the September 2025 quarter, which may be a signal of diminished confidence in the company’s near-term prospects.
4) Contract Termination Notice: The company recently received a termination notice from North Western Railway for the Jaipur-Sawai Madhopur project, putting bank guarantees worth ₹8.86 crore at risk. The company has moved to court for relief.
5) Credit Rating Downgrade: CARE Ratings downgraded the company’s bank facilities due to increased working capital intensity and lower-than-expected scale of operations.
6) Overall Market Sentiment: The stock is trading below all key moving averages, indicating sustained bearish momentum and a “Strong Sell” rating from some market analysts.
Dreamfolks: – 73%
Dreamfolks Services Ltd. share price has been falling primarily due to the loss of major bank and lounge contracts in its domestic airport lounge business, which contributed a significant majority of its revenue. The stock price is currently around ₹101.49 (as of January 14, 2026), a decline of over 72% in the last year.
Dreamfolks Services is an India-based airport and travel services aggregator that connects clients like banks, card networks, airlines, and corporations with various service providers (lounges, F&B outlets, spas, etc.) on a unified technology platform. The business model involves facilitating seamless transactions for cardholders to access premium services, for which Dreamfolks takes a fee per transaction.
Core Offerings :-
Lounge Access: Historically the core business, providing access to airport lounges globally.
Ancillary Airport Services: Includes meet and assist, airport transfers, food and beverages, and spa services.
Lifestyle Services: The company is currently diversifying into non-airport services such as railway lounges, access to members-only social clubs, golf facilities, and highway dining.
Global Expansion: Dreamfolks has a global footprint of over 3,000 touchpoints across 100+ countries and is actively expanding its international business and client base to reduce dependence on the domestic market.
Key Reasons for Share Price Decline
1) Contract Terminations: Dreamfolks discontinued its domestic airport lounge services for its clients, effective in September 2025, after major partners including ICICI Bank, Axis Bank, Travel Food Services (TFS), Adani Digital, and Encalm Hospitality ended or did not renew their service agreements.
2) Intensifying Competition: Major airport operators like Adani Airports and GMR Airports are entering the lounge business directly and forming their own partnerships with banks to cut out middlemen like Dreamfolks, which increases competitive pressure and threatens Dreamfolks’ historical market dominance.
3) Vulnerable Business Model: As an aggregator (a “middleman”) that controlled neither the supply (lounge operators) nor the demand (banks/card networks), Dreamfolks’ business model proved fragile when key partnerships were lost, highlighting a lack of a durable competitive advantage or “moat”.
4) Financial Impact: The discontinuation of its primary revenue stream has had a material financial impact, resulting in a significant decrease in quarterly sales and net profit in Q2 FY26.
Transformer and Rectifiers -72%
The recent fall in the share price of Transformers and Rectifiers (India) Limited (TARIL) is primarily due to a World Bank debarment notice and concerns over slowing order momentum, which overshadowed otherwise strong recent quarterly earnings reports.
Transformers and Rectifiers (India) Limited (TARIL) is a prominent manufacturer of a diverse range of transformers and reactors for both domestic and international markets & as of December 2025, it held a substantial order book of ₹5,450 crore and has bid prospects for over ₹16,500 crore of new orders.
Key Reasons for Share Price Decline
1) World Bank Debarment: In November 2025, the company disclosed it received a World Bank notice regarding alleged irregularities, corruption, and fraud tied to a past project in Nigeria. Although the company stated the issue was historical and non-material, the news severely dented investor confidence, leading to sharp declines and multiple lower circuits in the stock price.
2) Slowing Order Momentum: Brokerage firms like InCred downgraded the stock and cut target prices due to concerns about a 19% year-on-year decline in order intake during the first nine months of FY26 (9M FY26) and a largely flat order backlog over the last three quarters. This raised concerns about future growth visibility.
3) Leadership Transition: The resignation of CEO Mr. Mukul Srivastava on January 7, 2026, added near-term uncertainty and leadership transition risks for the company.
4) Q2 FY26 Weak Results: An earlier sharp decline in November 2025 was triggered by weaker-than-expected Q2 FY26 earnings, which showed a 19% drop in net profit and flat revenue compared to the previous year, mainly due to higher employee costs and raw material expenses but in Q3 company deliver good growth in revenue & profit as well
Tejas Network: – 65%
Tejas Networks’ share price is falling primarily due to weak quarterly financial results, specifically an 88% year-over-year decline in revenue and a consolidated net loss of ₹197 crore in Q3 FY26. These poor results are largely a result of significant delays in the execution and billing of large purchase orders from the state-owned BSNL.
Tejas Networks Limited is a Tata Group company that designs and manufactures high-performance, carrier-class networking products. Their products are used by telecom service providers, internet service providers, utilities, governments, and defense entities in over 75 countries.
Tejas is a key supplier for national projects in India such as BSNL 4G/5G network deployment and BharatNet, and is also expanding its global footprint in markets like Africa, Europe, and Southeast Asia & company is focused on global expansion with multiple 4G and 5G deals progressing to commercial negotiations and ongoing R&D in future technologies like 5G Advanced and 6G.
Tejas provides an extensive portfolio of wireline and wireless networking products, including:
> 4G/5G Radio Access Network (RAN) equipment
> Wireline Optical Transport (DWDM/PTN, FTTX)
> Secure Ethernet/IP Switches and IP-MPLS Routers
Key Reasons for Share Price Decline
1) Weak Financial Performance: The company reported a significant consolidated net loss of ₹197 crore in Q3 FY26, a sharp reversal from a profit in the same quarter the previous year. Revenue from operations plummeted by over 88% year-over-year to ₹307 crore.
2) BSNL Order Delays: A major factor is the deferment of a large BSNL purchase order worth ₹1,526 crore for 18,685 sites, which has pushed revenue recognition to later quarters. The company is holding significant inventory (over ₹2,300 crore) for this order, which ties up cash and impacts working capital.
3) High Dependency on BSNL: Analysts note a huge dependency on a single customer, BSNL, with limited use of their equipment by major private telecom operators in India. This high customer concentration increases risk.
4) Reduced Investor Sentiment: These execution delays and lack of near-term clarity on earnings recovery have weighed heavily on investor sentiment, leading to heavy selling pressure and the stock hitting a new 52-week low.
Praj Industries Ltd: – 60%
Praj Industries’ share price is falling primarily due to disappointing financial results, especially a sharp decline in profit in recent quarters, and concerns about a slowdown in new orders for its core bioenergy business. The stock is also considered to have an expensive valuation relative to its peers.
Praj is a global leader in biotechnology and engineering, offering sustainable solutions across several segments & company designs, builds, and commissions ethanol plants (1G & 2G), and is expanding into Compressed Biogas (CBG) and Sustainable Aviation Fuel (SAF).
Key Reasons for Share Price Decline
1) Disappointing Financials: Multiple consecutive quarters of shrinking profits (PAT) and falling revenues, with Q1 FY26 showing sharp drops.
2) Weak Order Flow: Slowdown in new ethanol plant orders after India hit its 20% blending target, coupled with client funding issues and global capex delays.
3) Policy & Execution Issues: Uncertainty around future blending targets (E30/E100), US tariffs impacting global business, and execution delays impacting project revenue.
4) Valuation Concerns: Premium valuations (high P/B) became hard to justify with declining profitability, leading to significant stock correction (down ~60% in 2025).
Cohance Lifesciences: – 60%
Cohance Lifesciences shares are falling due to underwhelming financial performance, an expensive valuation relative to peers, and market concerns over 100% promoter share pledging. As of January 14, 2026, the stock price was ₹443.0, a significant decline from its 52-week high of over ₹1,300.
Cohance Lifesciences Limited, formerly known as Suven Pharmaceuticals Limited, is an integrated, technology-driven global Contract Development and Manufacturing Organization (CDMO) platform. The company partners with global pharmaceutical and fine chemical majors to advance their new chemical entity (NCE) development and manufacturing endeavors.
Key Reasons for Share Price Decline
1) Weak Financial Results: The company’s recent quarterly results have shown a decline in key metrics. For Q2 FY26, net profit fell 46.5% year-over-year to ₹74.08 crore. Operating cash flow also hit its lowest recorded figure in recent periods.
2) Subdued Long-Term Growth: Cohance has exhibited poor long-term operating profit growth, with an annualized rate of around 4.15% over the past five years, which is significantly lower than the broader market and sector performance.
3) Valuation Concerns: Despite the falling price, the stock is considered overvalued by some analysts, trading at a high price-to-book value and P/E ratio compared to its peers. This premium valuation is not supported by its current earnings performance.
4) Promoter Share Pledging: A major structural risk is that 100% of promoter shares are pledged. This can increase selling pressure in a volatile market due to potential margin calls.
5) Near-Term Operational Challenges: Management has cited near-term issues such as pharma de-stocking by customers, project delays at its NJ Bio subsidiary, and deferred shipments as factors impacting revenue and margins.
SW Solar: – 55%
Sterling and Wilson Renewable Energy’s (SWSOLAR) share price is falling due to a combination of profit booking after a significant rally, continuous insider selling, and a large one-time financial write-off in the September 2025 quarter related to a legal dispute.
Sterling and Wilson Renewable Energy is a global, pure-play provider of end-to-end renewable Engineering, Procurement, and Construction (EPC) solutions.
The company operates an asset-light business model and primarily serves independent power producers (IPPs), developers, and equity funds. The core business involves the design, engineering, procurement, and construction of large-scale solar projects, including utility-scale, floating solar, and hybrid & energy storage solutions & company also provides O&M services for solar power projects, a higher-margin, recurring revenue business, managing a portfolio of around 8.2 GW globally.
Key Reasons for Share Price Decline
1) Profit Booking and Insider Selling: After a substantial rally where the stock price nearly doubled between September 2023 and September 2024, many investors began booking profits, leading to selling pressure. This was intensified by consistent selling from the promoters, which raised investor concerns about their confidence in the company’s long-term prospects.
2) Exceptional Losses: In the Q2 FY 2025-2026 results, the company reported a significant net loss of ₹477.62 crore due to a one-time write-off of over ₹580 crore related to an adverse legal ruling on legacy US projects.
3) Market Sentiment and Debt: The stock has underperformed the broader market and continues to face challenges related to its debt levels and the need for a successful financial turnaround. Promoter share pledging of over a quarter of their holdings also adds to market volatility.
Despite the recent share price fall, the company has a robust unexecuted order book of approximately ₹9,300 crores and is focusing on increasing its execution capabilities, particularly in the profitable domestic market.
Vedant Fashion: – 55%
The share price of Vedant Fashions Ltd. is falling primarily due to sustained underperformance against market benchmarks, flat recent financial results, and high valuation concerns.
Vedant Fashions operates in the Indian wedding and celebration wear market and is the largest company in this segment in terms of revenue, EBITDA, and profit after tax for FY2020. The company follows an asset-light business model, primarily relying on third-party manufacturers and a large network of franchise-owned exclusive brand outlets (EBOs).
Key Reasons for Share Price Decline
1) Subdued Growth: The company has experienced modest annual growth in net sales and operating profit over the last five years (14.74% and 12.42%, respectively), but recent quarterly results have been flat or shown a decline in profits, which has weighed heavily on investor sentiment.
2) Valuation Concerns: Despite the price drop, the stock still trades at a high price-to-book (P/B) ratio of around 7.6 and a P/E ratio of over 34, which is considered expensive relative to its book value and historical averages, leading to caution among investors.
3) Technical Weakness: The stock is consistently trading below all key moving averages (5-day, 20-day, 50-day, 100-day, and 200-day), signaling a persistent downtrend and lack of buying interest.4) Sector Headwinds/Competition: While the branded ethnic wear market is growing, increased competition from large players like Reliance Retail and the Aditya Birla group is a potential risk.
