Shares of Cupid Ltd. and Tourism Finance Corporation of India (TFCI) witnessed sharp sell-offs on Friday, January 2with both stocks plunging the full 20% and hitting the lower circuit during the session.

In the case of Tourism Finance Corporation of Indiathe stock was locked at ₹55.24compared with its previous close of ₹69.05. The counter opened at ₹69.70 and touched an intraday high of ₹71.15 before intense selling pressure dragged it sharply lower. Trading volumes surged, with over 3.77 crore shares changing hands by mid-afternoon. A large trade was also reported earlier in the day, where 1.5 crore sharesrepresenting around 3.24% of the outstanding equitywere traded at an average price of ₹56 per sharevaluing the transaction at about ₹83 crore.

Tourism Finance has negligible promoter holding. As per the September quarter shareholding pattern, investor Aditya Kumar Halwasiya held an 18.8% stakemaking him one of the largest public shareholders. Retail investors also have significant exposure, with small retail shareholders holding 18.9% and larger retail shareholders owning 19.8% of the company. The stock had nearly doubled in 2025 before Friday’s sharp correction.

Shares of Cupid Ltd. also hit a 20% lower circuitsnapping a 13-day winning streak. The stock had been among the top performers in 2025, delivering gains of nearly 600% before the sudden fall. Cupid is currently under Stage 1 of the Long Term Additional Surveillance Measures (ASM) framework.

Aditya Halwasiya features as the promoter of Cupid, holding a 32.58% stake in his individual capacity, while Columbia Petro Chem Pvt. Ltd. owns an additional 12.98% stake. Cupid does not have any major institutional investors, while close to one lakh retail shareholders together hold around 14.7% of the company.

Notably, neither TFCI nor Cupid has made any official announcement or exchange filing that could directly explain the sharp decline in their share prices. Market participants attributed the fall to heavy selling pressure and large trades, especially after the strong rally seen in both stocks over the past year.

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