This story is from March 5, 2008

Leading stocks down over 45% from January level

Sherna D'Mello / TNN / Mar 5, 2008, 00:35 IST

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The Sensex hit an intra-day high of 21,206 on January 10, but has gone through a rough patch since then. On Tuesday, the index dropped by 338 points to close at 16,340, an over five-month closing low.

Leading stocks down over 45% from January level

MUMBAI: Scores of retail chains are offering huge end-of-the-season sales and if you visit a mall, the ��up to 50% discount�� sign is the norm these days. But with the stock markets being hammered on account of global weakness, clothes aren��t the only things available at half the price. Many stocks are now trading over 50% off their early-January levels.
The Sensex hit an intra-day high of 21,206 on January 10, but has gone through a rough patch since then.On Tuesday, the index dropped by 338 points to close at 16,340, an over five-month closing low.
The index has not seen this level since end-September, when an unexpected 50 basis point rate cut by the US Federal Reserve triggered a phenomenal bull run that took the index from 15K to 21K in just over four months. And now it has come nearly a full circle with the index back at low 16K levels. So is it a buying opportunity, especially for those investors who watched from the sidelines during the last rally?
The thought is tempting when you check stock prices. At least 15 group A stocks, that is mainly large-cap stable companies, are trading over 45% lower than January levels and about 50 are down by over 30%.
Leading the laggards�� pack in this group is realty major Omaxe, down a little over 56% to Rs 235 from Rs 538 on January 10. Adlabs Films is also trading 54% lower since its January 10-level.

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