Five Nifty500 stocks that have plunged below their pandemic lows

The benchmark Nifty50 may have tripled from its pandemic lows, hitting a record high of 26,277 points in September 2024. However, the index has since undergone a 16% correction, with several stocks tumbling between 30% and 60% from their peaks.Despite this pullback, most stocks remain above their March 2020 lows. However, a CNBC-TV18 analysis reveals that only five stocks from the Nifty500 index have slipped below their pandemic lows. The list comprises Jewelry maker Rajesh Exports, Whirlpool of India, Zee Entertainment Enterprises, Gland Pharma and Bandhan Bank.

While the stock of Rajesh Exports closed Tuesday’s (March 4) session at ₹160.13 on the NSE against its March 2020 low of ₹441, shares of consumer durables manufacture—Whirlpool of India—are trading 30% lower at ₹937.50. Similarly, Bandhan Bank and Zee Entertainment Enterprises are trading 4% and 19% lower to their pandemic lows. Shares of Gland Pharma

closed at ₹1522.40 on the NSE against their initial offer price of ₹1500.
Stocks trading below their COVID-19 lows

Company	March 2020 low	Current Price
Rajesh Exports	441	160.13
Whirlpool Of India	1343.8	937.5
Zee Entertainment	114	92.54
Gland Pharma	1700	1522.4
Bandhan bank	152.2	147.35

Additionally, stocks such as Kansai Nerolac Paints, Pfizer, and Bata India are currently trading about 20% away from their Covid lows.Furthermore, market breadth has deteriorated to levels last seen during the Covid crash. Indicators for the NSE500 index signal extreme weakness, with only 7.6%, 6.2%, and 10.1% of stocks trading above their 50-day, 100-day, and 200-day moving averages, respectively.

The benchmark Nifty50 extended its losing streak to 10 consecutive sessions on Tuesday, marking its longest-ever decline. The sharp downturn has been driven by heavy selling from Foreign Portfolio Investors (FPIs), who have offloaded nearly $14 billion worth of Indian equities since January, taking the total five-month outflow past $25 billion.

Market participants believe that the ongoing selloff presents a buying opportunity for long-term investors as valuations have normalised.

“Nifty is currently trading a little below its historical average valuation. The excesses of the past have been corrected, and now this is probably a time for long-term investors to start accumulating,” said Nilesh Shah, Managing Director at Kotak Mahindra Asset Management Company.

Historically, March has been a strong month for market recoveries, with an average gain of 1.7% since 2009 (excluding the 2023 outlier plunge). Moreover, the Nifty has never recorded six consecutive months of declines, hinting at a potential rebound. Will we finally see some green on the screen? Time will tell!