Thermax Slumps 17.3% on 18.7x Volume

MarketPulse summary: Thermax (THERMAX) fell 17.27% to ₹2,746.30 on volume 18.7 times its three-month average.

📊 Key Numbers

🔎 The Move

Thermax shares collapsed 17.27% to ₹2,746.3 on 6 Nov 2026, extending a brutal selloff in capital goods stocks as weak second-quarter operational performance rattled investors. The stock closed well below its previous close of ₹3,319.7, leaving the Heavy Electrical Equipment company with a market capitalisation of ₹30,937 Cr.

The decline came alongside extraordinary trading activity. Volume surged to 2,895,814 shares, against a three-month average of 154,908, making turnover 18.7 times the usual level. Such a spike shows that the fall drew heavy participation rather than occurring in a thin, quiet market. Thermax also featured in a broader slump, with the BSE Capital Goods index slipping 4% and Thermax, Apar and Astral falling by as much as 20%.

Technically, the stock remains deep in a downtrend. Its close sits far below the 50-day moving average of ₹3,419.752 and the 200-day average of ₹3,841.2134, indicating sustained weakness across both shorter and longer timeframes. More starkly, Thermax finished just 3% above the bottom of its 52-week range. The range runs from ₹2,666.6 to ₹5,277.8, placing the latest close close to the low and far beneath the high. A recent headline similarly noted that the shares had plunged 15% and approached their 52-week low after weak Q2 operational performance.

For retail investors, the next data points to watch are whether the stock holds above ₹2,666.6, whether elevated volumes persist, and if weakness spreads further across capital goods. Any recovery toward the moving averages would also mark a significant shift from the current position.

📰 Recent Headlines

• BSE Capital Goods index slips 4%; Thermax, Apar, Astral tank up to 20%
• Thermax plunges 15%, nears 52-week low on weak Q2 operational performance

Data from NSE and public market sources, compiled automatically by MarketPulse. Figures may be delayed or revised. This is not investment advice.