Stocks owned by the idols of Dalal Street including Rakesh Jhunjhunwala, Dolly Khanna and Ashish Kacholia retreated up to 60 per cent amid the ongoing correction in the domestic equity market since October 19, 2021, when the benchmark equity index BSE Sensex scaled its all-time high of 62245.43.
Since then, the 30-share index has cracked nearly 17 per cent till June 22, 2022. On the other hand, the BSE Midcap and Smallcap indices have lost 22 per cent and 19 per cent, respectively, during the same period.
Coming to the portfolio of ace equity investor Rakesh Jhunjhunwala, shares of Indiabulls Real Estate in his portfolio plummeted the most 61 per cent since October 19. He held a 1.10 per cent stake in the company as of March 31. Other stocks in his portfolio including Indiabulls Housing Finance, Jubilant Pharmova, National Aluminum, Jubilant Ingrevia, Agro Tech Foods, Fortis Healthcare and The Federal Bank also declined between 6 per cent-60 per cent during the same period.
On the other hand, as many as 11 shares of Chennai-based investor Dolly Khanna also declined up to 44 per cent. With a fall of 43.52 per cent, Rain Industries emerged as the top loser in her portfolio. It was followed by Nahar Spinning Mills (down 40.26 per cent), NCL Industries (down 32.33 per cent), Aries Agro (down 23.89 per cent), KCP (down 23.33 per cent), Rama Phosphates (down 18.03 per cent), Nitin Spinners (down 16 per cent), Deepak Spinners (down 15 per cent), Goa Carbon (down 10.54 per cent), Southern Petrochemical Industries Corporation (down 8.51 per cent) and Indo Tech Transformers (down 2.22 per cent). Khanna's portfolio is entirely managed by her husband Rajiv Khanna.
Ashish Kacholia, who is known for picking gems in the midcaps and smallcaps space, also witnessed a significant fall in select shares in his portfolio. Some of his top picks like Kwality Pharmaceuticals, Vaibhav Global, HLE Glascoat, Igarashi Motors India, and Stove Kraft declined over 50 per cent since October 19 last year.
Other stocks in his portfolio such as IOL Chemicals And Pharmaceuticals, Mastek, Hindware Home Innovation, AMI Organics, Acrysil, Garware Hi-Tech Films, Sastasundar Ventures, ADF Foods, TARC, La Opala RG, United Drilling Tools, PCBL and Ador Welding also declined over 10 per cent during the same period.
Commenting on the ongoing fall in the domestic equity market, HDFC Securities said, “Markets have kept falling due to a combination of global and local factors and going by the current tailwinds, the end to this phase does not seem to be near in terms of time or value. Cessation of hostilities in Europe and signal from global Central banks that they are done with rate hikes could create the background for bottom formation provided by that time the world is not facing recessionary conditions.”
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