Diamonds in dust? RIL, HDFC Bank and Kotak Bank among 158 stocks with negative returns in 2 years
midcap stocks and doubling money in SME IPOs won't relate to the pain of India's bluechip investors whose top dogs have failed to beat even the benchmark Nifty returns.
A study of the performance of BSE500 stocks in the last two years shows that there are 158 counters with negative returns during the period. But what has actually caused heartburn to those looking for consistent compounders is the hibernation phase of top wealth creators like Infosys, HDFC Bank, RIL, TCS and Asian Paints.
Largecap IT stocks now top the list of wealth destroyers in the last two years under the leadership of Wipro which has lost over 36% of its value as the Covid-led growth tailwind faded away.
Among its peers, Infosys is down 15%, Tech Mahindra TCS 6.5% and HCL Tech 3%.
Among financials, Kotak Mahindra Bank and Bajaj Finserv have been the worst performers with a 13% loss. HDFC Life Insurance, which was one of the most talked about stocks for long-term investors, has also lost charm with a 10% dip in its share price.
Spreadsheet-focussed investment bankers are still busy calculating the impact of the merger on HDFC Bank and as a result, shares of India's largest private sector lender are down 6%.
Even Reliance Industries has not escaped the wrath of the bears who are ignoring the possibilities of listing Reliance Retail and Reliance Jio in the next 1-2 years.
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