Titagarh Wagons, Kalindee Rail Nirman (Engineers) and Kernex Microsystems (India) have plunged more than 12% each are trading at their 52-week lows on the Bombay Stock Exchange.
The railway minister said the target of 700 km of new lines in the current year (2012-13) had to be scaled down to 470 km due to inadequate resources.
The target of 800 km for gauge conversion fixed for 2012-13 has also been scaled down to 575 km.
Among the individual stocks, Titagarh Wagons has tanked 16% to Rs 207, followed by Kalindee Rail Nirman and Kernex Microsystems are down by 14% each at Rs 60 and Rs 38 respectively.
Stone India, Hind Rectifiers BEML and Bartronics India are among others has fallen in the range 2-5%.