Titan, NCC, Delta Corp, Karur Vysya Bank, Aptech, and Jubilant Life Sciences are among stocks in Jhunjhunwala's portfolio that have taken a severe hit, falling more than 50 per cent during the period.
The bulk of the erosion in terms of value took place in India's most-valued firms. For instance, Mukesh Ambani-led Reliance Industries alone has lost Rs 3.8 trillion in m-cap, followed by HDFC Bank, which has seen its value erode by Rs 2.45 trillion and Tata Consultancy Services (TCS), which has lost Rs 1.85 trillion to stand at Rs 6.24 trillion, making it India's most-valued.
While a coordinated aggressive monetary easing from the central banks is most likely to offer some respite in the near-term, it is unlikely to improve the sentiments.
With an m-cap of Rs 31,744 crore, IRCTC stood at 96th position in the overall market capitalisation ranking, the BSE data shows.
'Four times in Indian history, in 1992, 2000, 2007 and now, markets are at 25 times price-earnings.'
In the past two months alone, four companies have garnered a cumulative Rs 22,400 crore via this route.
Out of 11 companies that got listed in 2019, nine have outrun the market by gaining more than 10 per cent against their respective issue price.
Despite the 3 per cent gain in September 2019, the FPI sell-off during the quarter has seen the benchmark indices - the S&P BSE Sensex and the Nifty 50 register negative returns in Q3CY19.
After turning net buyers for the fifth straight month till June, foreign portfolio investors (FPIs) withdrew a net of Rs 11,743 crore ($1.7 billion) in July. This was their highest outflow since October 2018.
Over the past one-and-half years, the number of stocks trading below their respective face value has increased 29 per cent after a sharp correction in stocks of small-cap companies.
An analysis of past 20 years' demand cycles done by Edelweiss Securities indicates that the auto sector is currently in the middle of a down cycle. Volume recovery, they say, is unlikely to be as sharp as in the past, unless there is strong fiscal support.
The proposal to increase public float, hike income tax surcharge, move to tax share buybacks and lack of stimulus to shore up economic growth has hurt investor sentiment.
Foreign investors, according to them, will now wait-and-watch how the economy takes shape in the backdrop of doubts over monsoon, interest rate trajectory and other global events such as the US - China trade war.
Going ahead, experts say, the fundraising trend in the primary market will depend on how the secondary market performs against the backdrop of the outcome of general elections and global cues.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
The underperformance comes amid liquidity concerns in the non-banking finance companies space and Essel Group default news.
The government is expected to dole out some populist policies, especially for the rural / farm sector while presenting the interim budget, given that the country is heading towards general elections over the next few months.
Of these 26, Bajaj Finance, Associated Alcohols and Breweries, Garware Technologies, Filatex India, Tasty Bite Eatables, Aarti Industries and GMM Pfaudler saw an over 10-fold surge in price since 2014.
'2018 has seen a bi-polar market.' 'Thanks to gains in some key stocks, market returns are positive. But there has been huge wealth destruction in the small and mid-cap space.'
The bigger worry is that the miss for FY19 is likely to be significant even after assuming macro factors such as crude oil prices, rupee, input costs, and interest rates, do not worsen from the current levels, reports Vishal Chhabria.
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