Bluechips take a beating as 95 of India’s top 100 stocks fall up to 55% since September peak

The domestic market slipped into correction territory late last year and the slide seems to be only worsening for now. The drawdown cut is across the market — leaving even the supposedly stable bluechip stocks vulnerable.

An analysis by ETMarkets revealed that 70 of India’s top 100 stocks have seen double-digit declines in the last three months or so with some tumbling as much as 55%.

Since hitting a peak in September last year, benchmark Nifty fell about 14% and this year, the 50-stock index is already down over 2%, leaving little to cheer for investors in the new year.

This stark drop meant that just 5 out of the top 100 stocks delivered positive returns in this correction period. Notably, 4 out of these 5 outliers are household IT names like Infosys, HCL Tech, Wipro and Tech Mahindra, who weathered the storm at least till now.

Some of the worst performers during this period are the big name players in their respective sectors including Reliance Industries, ITC, IndusInd Bank, Adani Green, Bajaj Auto, Hero MotoCorp, NTPC, DMart, Coal India, Adani Enterprises, BPCL and several others. All of these stocks saw declines anywhere between 15-55%.