At least 63 stocks lost over half their value since last Diwali
Market volatility has caused several companies to see share price declines ranging from 60 per cent to 96 per cent.
At least 63 stocks with a market cap of at least Rs 1,000 crore have lost more than half their value since last Diwali, according to an analysis of market data reported by The Economic Times.
The selloff has impacted various sectors, including technology, renewable energy, infrastructure, financial services, and consumer businesses. Elitecon International recorded the largest decline at 96 per cent, while Reliance Infrastructure fell by 79.14 per cent.
Other significant losers include Kothari Industrial Corporation, which dropped 76.55 per cent, and Fischer Medical Ventures at 75.19 per cent. Companies such as Rajesh Exports, BN Agrochem, Oswal Pumps, and Allcargo Logistics saw declines between 71 per cent and 73 per cent.
Ravi Singh, chief research officer at Master Capital Services, attributed the downturn to factors including selling by foreign institutional investors, rising costs of crude oil, inflation, and high valuations. He noted that many stocks remain expensive relative to earnings, which may lead to continued volatility.
In the technology sector, KPIT Technologies fell 53.9 per cent and Kaynes Technology India declined 53.22 per cent. Renewable energy firms also faced pressure, with KP Energy losing 61.92 per cent and Inox Wind falling 60 per cent.
Consumer-oriented businesses like Go Fashion and Raymond Lifestyle also saw declines of 64.35 per cent and 58.24 per cent, respectively. Paresh Bhagat, chairman of Mangal Keshav, stated that a sustained recovery remains uncertain and depends on geopolitical developments and corporate earnings.