Market riding high but 12 stocks are still down 30%-81% this year; check full list | Mint
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Business News/ Markets / Stock Markets/  Market riding high but 12 stocks are still down 30%-81% this year; check full list
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Market riding high but 12 stocks are still down 30%-81% this year; check full list

Adani Group stocks continue to trade with significant declines despite recent uptick, with Adani Total Gas topping the list. Several other stocks, including Rajesh Exports, Brightcom Group, and Campus Activewear, have also witnessed significant drop this year.

Five Adani Group stocks continue to trade with significant declines. (Pixabay)Premium
Five Adani Group stocks continue to trade with significant declines. (Pixabay)

Indian stocks witnessed a remarkable rally today, propelling the Nifty 50 to a fresh record high after a hiatus of two and a half months. The index surged to a new peak of 20,291 points in today's session and concluded the day at 20,267, gaining 0.67%. The rally in the market was supported by both domestic and global factors. 

Also Read: Nifty 50 hits record high; 5 key factors that drove the market

The impetus for today's market surge was primarily driven by the release of India's GDP numbers on Thursday. The country's economy exhibited robust growth, expanding by 7.6% in the September quarter of the current fiscal year, surpassing analysts' expectations.

This stellar performance solidifies India's standing as the fastest-growing large economy, outpacing China, which reported 4.9% growth in July–September 2023.

Despite the bullish sentiment, some stocks are trading with deep cuts, leaving investors disappointed. According to Trendlyne data, there were some 12 stocks within the Nifty 500 index that have witnessed a considerable erosion in market value, painting a contrasting picture against the backdrop of the broader market rally.

Also Read: BSE MidCap and SmallCap hit fresh record highs, up over 35% in CY23 so far

These stocks have witnessed substantial losses ranging between 30% and 81% throughout this year, with Adani Group companies emerging as the most impacted. The group stocks have rallied sharply recently after the Supreme Court reserved its order on multiple public interest litigation pleadings for an investigation into the allegations of manipulations and corporate malfeasance in the Hindenburg report.

Adani Group stocks surged by over a lakh crore in a single session on Tuesday, November 28, marking the first instance of such substantial growth since the Hindenburg episode back in January this year.

Despite the recent uptick, five Adani Group stocks continue to trade with significant declines. Adani Total Gas leads the group of worst performers, experiencing a substantial 81% drop, plummeting from 3,700 apiece to 701.45 this year.

Also Read: Adani group’s m-cap posts biggest rise since Hindenburg report

Other Adani Group stocks, including Adani Energy, Adani Green Energy, Adani Wilmar, and Adani Enterprises, have also faced significant declines of 66%, 46%, 44%, and 38%, respectively.

On January 24th, US-based Hindenburg Research published a report accusing the Adani Group of engaging in fraudulent activities to artificially inflate its stock prices. The group has strenuously denied these allegations with a detailed rebuttal.

Meanwhile, 7 of the 10 listed Adani Group companies reported net profit growth in Q2 FY24, with Ambuja Cements, the cement and building material flagship company of the Adani Group, emerging as the top performer among group companies.

Furthermore, Rajesh Exports was another company that saw its shares underperform in the current year. The stock has lost nearly 51.5% of its value, tumbling from 732.95 apiece to 355. Taking the stock's all-time high of 1029.70 into account, the stock is down by 65.52%.

Also Read: Nine BSE SmallCap stocks priced under 100 gained between 135% and 605% in a year

Similarly, Brightcom Group shares plummeted 43% this year, and Campus Activewear, a prominent sports and athleisure footwear company in India, has been witnessing a downward spiral in its share price since November 2022. In the current year so far, the stock is down by 33.23%.

Furthermore, several other stocks, such as Polyplex Corp., Delta Corp., Hikal, and V-Mart Retail, are all down between 30% and 38% this year so far.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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Published: 01 Dec 2023, 06:24 PM IST
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