AHMEDABAD: The share prices of Gujarat government-run public sector undertakings (PSUs) have continued their downward march in line with overall bearish trend in small and medium cap indices. Three PSUs - Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC), Gujarat Gas Limited (GGL) and Gujarat State Petronet Limited (GSPL) - saw their stocks making new 52-week low in intraday trades on Friday.Other listed state PSUs such as Gujarat Alkalies and Chemicals Ltd (GACL), Gujarat Industries Power Company Ltd (GIPCL) and Gujarat State Fertilizers and Chemicals Ltd (GSFC) have pared gains and are now trading near their 52-week low marks.GACL's stock on Friday closed at Rs 446 per share as against its 52-week low of Rs 433.75. GSFC and GIPCL's shares ended the day at Rs 88.25 and Rs 69.45, while their 52-week low levels are Rs 85.60 and Rs 68, respectively. GMDC touched a yearly low of Rs 69 on Thursday and recovered to close at Rs 75.30 on Friday.Bearish sentiment in mid-cap and small-cap indices have taken a toll on several medium and small-sized companies, including Gujarat PSUs. BSE's 250 small-cap and 150 mid-cap indices have declined by 10.45% and 9.23%, respectively since the beginning of 2019. The benchmark sensex, however, has seen a marginal drop of about 1% during the same period.If the past one-year period from February 15, 2018, is considered, the small-cap index has plummeted by 28.76% and mid-cap by 18.16%. Meanwhile, sensex has increased by 4.40% in the last 12 months."Apart from battered small and mid-cap indices, high volatility in prices of several chemical products such as hydrogen peroxide, aniline, toluene di-isocyanate and caprolactam have also affected the share prices of GACL, GNFC and GSFC," added Nilesh Kotak, a city-based stock analyst.

Stay updated with all the Ahmedabad Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.