These 5 stocks eroded at least half of their value in 2020
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Here’s a quick look at the top wealth destructors among of 2020, among the BSE 500 pack.
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GE Power India dropped 62 per cent in 2020, logging its worst yearly performance in a decade
MUMBAI: While the domestic equity market had a stellar run this year despite the Covid-19 pandemic, some stocks still eroded half or more value for the year-to-date.
Up nearly 14 per cent in 2020, equity benchmark Sensex is at a record high level. From its March lows, the index has recovered nearly 83 per cent.
However, five of the BSE 500 stocks eroded at least 50 per cent value since the start of 2020, and such erosion was largely due to reasons specific to the company or the group. In most cases, it was accompanied by falling institutional participation.
Most of our group businesses are back at pre-Covid levels: Raymond Chairman Gautam Singhania
The Raymond group, which has interests in the textile, apparel, FMCG, engineering, prophylactics and real estate sectors, was battered by Covid. In FY20, it recorded consolidated revenue of Rs 3,186 crore, only to see this shrink to a mere Rs 24 crore in the first quarter of FY21 and Rs 254 crore in the second quarter. But with the economy opening up, Chairman and Managing Director Gautam Hari Singhania told Moneycontrol things are looking up for Raymond with most group businesses at 90 percent of their pre-Covid levels
Raymond s Gautam Singhania