Indian equities have been in a downtrend over the last month. The Nifty 50 had made a record high of 26,277 exactly a month earlier on September 27. Since then, the index had corrected over 2,000 points until closing on Friday. As of closing on September 27, the combined market capitalisation of BSE-listed companies stood at ₹477 lakh crore, which as of Friday’s closing, fell to ₹436 lakh crore, a drop of ₹41 lakh crore in a month. While most of the downside has come from Nifty 50 constituents, prominent broader market names also feature in this list. Here’s a look:
Reliance Industries shares have declined 13% since September 27, the day the Nifty made its record high. Since then, the Nifty heavyweight has lost ₹2.77 lakh crore in market capitalisation. From its own peak, which is around levels of ₹3,200, the stock has seen losses of close to 18%. Shares are trading ex-bonus from Monday’s trading session, having announced a 1:1 bonus issue earlier.
Hindustan Unilever could be termed as one of the earnings accidents this quarter as the stock witnessed a sharp correction post its September quarter results. The stock has lost over ₹1 lakh crore in market capitalisation since September 27 and has also declined 17% from its recent peak of ₹3,035. From September 27, the stock is down 15%.
TCS is another index heavyweight, which has seen a market cap erosion of nearly ₹1 lakh crore (₹93,546 crore) since September 27. During this last one month, the stock has declined 6% and from its own individual peak, shares have declined by 12%.
The first, prominent broader market name that features in this list is India’s largest insurance company, Life Insurance Corporation of India, which has lost nearly ₹80,000 crore (₹76,279 crore) in market capitalisation since September 27. The stock has declined 12% during this period and from its own peak, which it had risen to in February this year, the stock is down 26% from those levels.
Another earnings accident of the quarter is Bajaj Auto. From its peak of nearly ₹13,000, the stock had slipped below levels of ₹10,000 on Friday for a brief period. Incidentally, Bajaj Auto shares made a record high the same day the Nifty made one of its own. Since those record levels, Bajaj Auto shares are down nearly 20%. Bajaj Auto shares have lost ₹70,716 crore in market capitalisation over the last month.
