YES Bank, Bandhan Bank, PVR INOX, ZEEL: Stocks trading below Covid 19 lows 

The recent fall in stocks, especially mid and smallcaps, have spooked investors badly. There are now at least 16 stocks, with market capitalisation of over Rs 1,000 crore, which are trading below Covid-19 lows. They include YES Bank Ltd, Bandhan Bank Ltd, PVR Inox Ltd and ZEE Entertainment Enterprise Ltd, among others, adjusted price data compiled from corporate database Ace Equities suggested. 

Among them, YES Bank stood at Rs 16.86 apiece on Monday, down 58 per cent over March 23, 2020, closing of Rs 39.75. The scrip is down 31 per cent in the past one year. 

Another lender Bandhan Bank at Rs 145.05 is trading 17 per cent below its March 2020 level of Rs 175. This stock has fallen 20 per cent in the past one year. Nirmal Bang has a 'Hold' rating on Bandhan Bank with a target price of Rs 160. It values the bank at 0.9 times, which is at a 60.5 per cent discount to the bank's past five-year average. 
 
Shares of Sanofi at Rs 5,969.75 are at same levels as March 2020 (Rs 6,082.65). Whirlpool of India Ltd and Relaxo Footwears Ltd are down 38 per cent and 20 per cent, respectively, during the same period. 

"We expect a decent quarter for Whirlpool, led by early signs of a favorable summer season and likely continued market share gains across categories. We build 15 per cent revenue growth in Q4 (against 11 per cent in 3Q)," Kotak said while suggesting 'Add' rating and a target of Rs 1,225 on the stock. 

In the case of Relaxo, B&K Securities said Relaxo has faced a leadership vacuum over the last three years, with frequent changes in the sales head position in just 2.5 years. This instability has created confusion within the sales team, as each new leader brings a different approach to market strategy. 

"Despite being the largest footwear manufacturer in India, Relaxo has not been able to leverage its scale to lower product prices. High factory overheads continue to weigh on manufacturing costs.
This has limited its competitiveness, particularly in the price sensitive mass market," it said. 

PVR INOX at Rs 847.30 trades 28 per cent lower than March 2020 level of Rs 1,184.84. Nuvama said recent promoter buying in PVR and an impressive Q4FY25 are notable triggers, not to mention a strong Hollywood line-up. It maintained 'BUY' on the stock with a target of Rs 1,765.

Zee Entertainment Enterprises is down 21 per cent. Rajesh Exports has plunged 67 per cent over March 2020 level. Tasty Bite Eatables Ltd, Spandana Sphoorty Financial Ltd, GE Power India Ltd, Omaxe Ltd and Vakrangee Ltd are stocks that are down off their 2020 levels.