The Sensex has lost close to 1,500 points since October 17, including a 438-point plunge today after the market regulator SEBI proposed certain measures to control investment through offshore derivative instruments, including P-Notes.

However, the stocks in which PN-holding is highest in value terms, have suffered losses up to 25 per cent.

The companies in which PN-holders own significant stakes in terms of the current value of these shares include Indiabulls Financial Services [Get Quote], HDFC [Get Quote], ICICI Bank [Get Quote], Bharti Airtel [Get Quote], Reliance Capital [Get Quote], United Spirits [Get Quote], Satyam [Get Quote], Reliance Communications [Get Quote], Cairn India [Get Quote], BHEL, ACC, SAIL [Get Quote] and Financial Technologies.

Barring Satyam, all the stocks have lost value in the past three days, with Reliance Cap and ACC seeing losses of 23-25 per cent.

Indiabulls, Bharti, BHEL, ICICI Bank, SAIL and Financial Technologies have lost more than 10 per cent each.

There are at least 25 stocks where PN-holders own over 10 per cent of total equity capital. Out of these 25 stocks, only three - NIIT [Get Quote], Cranes Software and Hexaware [Get Quote] - have seen their share prices rising in the past three days.

Besides, stocks like Entertainment Network, Indiabulls, Ganesh Housing, HDFC, IVRCL Infrastructre, Gateway Distripack and Aptech, where PN-holders have over 10 per cent stakes, have lost considerably in this period.

The biggest losers among these stocks are IVRCL Infra (15 per cent), Aptech (14.6 per cent) and Sasken [Get Quote] (12.5 per cent).

IT stocks are among the few that have gained despite having significant exposure to the PN-holders.

While Satyam has gained over two per cent, NIIT has advanced by over 3 per cent, Hexaware by 6 per cent and Cranes by a marginal 0.11 per cent over the past three days.

NIIT is understood to be the stock with the highest PN-holding, which stands at 19.9 per cent of total equity capital, followed by Cranes (17.4 per cent), Entertainment Network (15 per cent), Indiabulls Financial (14.8 per cent), Ganesh Housing (14.3 per cent), Prajay Engineering (14.3 per cent) and HDFC (14.2 per cent).

Besides, Entertainment Network is believed to have the highest PN-holding as percentage of free-float equity capital at 53.7 per cent, followed by Hexaware, Simplex Infra and Cranes (about 40 per cent each).

P-Notes are instruments issued by foreign institutional investors to the investors such as hedge funds, who wish to remain annonymous and seek entry or exit opportunities. The FIIs then invest the capital deployed by the PN-holders in their own name.