Almost 40 per cent of the stocks actively traded on the bourses are now available at a 50 per cent discount to their 52-week highs, scaled between January 1, and April 15, 2004.
The steep fall in the prices of these stocks began immediately after the United Progressive Alliance was formed.
Furthermore, nearly 90 per cent stocks underperformed the BSE Sensex and S&P CNX Nifty. The BSE Sensex and the Nifty declined by around 25 per cent from their 52-week high scaled on January 9, 2004. Prices of these stocks fell by well over 25 per cent.
Prices of B1 and B2 group stocks fell the most, between May 17 and May 31, 2004. Of the 720 stocks whose prices declined by over 50 per cent, 386 of them are from the B2 group and 260 are from B1
group.
Prices of 27 A group stocks too dropped by over 50 per cent in this period.
Share prices of public sector undertakings that had been on the government's divestment list or were considered candidates for the list were affected the most.
The prices of the Shipping Corporation of India scrip fell by 57.25 per cent from its 52-week high, that of BEML by 53.54 per cent, of Engineers India by 53.05 per cent, of Sail by 51.87 per cent and of Nevyeli Lignite by 51.35 per cent.
The price of the scrip of a state government undertaking, the Gujarat Mineral Development Corporation, too fell by 54.95 per cent from its 52-week high.
