New Delhi, April 14 -- Shares of Apar Industries, one of the leading manufacturers and suppliers of conductors, a wide variety of cables, specialty oils, polymers, and lubricants, have been caught in a downward spiral in recent months, closing each passing month in the red and struggling to bounce back.

After delivering stellar performance over the last four years, the stock has failed to sustain the same momentum in the current year so far. It ended the last three months in negative territory and has declined another 9.23% in April, taking its year-to-date fall to 51.26%.

From its record high of Rs.11,779 apiece, touched in early January, the stock is now 57.31% below that peak, trading at Rs.5,028 apiece. The decline began after inves...