The Indian stock market has witnessed a significant decline in the past few months. Data from ACE Equity shows that as on March 04, 2025, while the Nifty 50 has dropped 16% from its 52-week high, the broader market index Nifty 500 has fallen 19%.
Meanwhile, select large-cap stocks from the Nifty 50 index have plunged up to 47% amid the current market correction, with some of India’s top 10 blue-chip companies also experiencing double-digit declines from their 52-week highs.
Biggest Losers in Nifty 50:
In Nifty 50 stocks, Tata Motors recorded the steepest drop, plunging 47% from its 52-week high, followed by Hero MotoCorp, which declined 44%. Bajaj Auto also faced a substantial correction of 43%, highlighting a broad downturn in the automobile sector.
Similarly, Adani Enterprises, a major player in trading, saw its stock price fall 43% from its peak. Trent, a retail company from the Tata Group, witnessed a 40% decline. These losses indicate market-wide volatility, with automobile and retail stocks being among the hardest hit.
How the top 10 Blue chips have performed:
Reliance Industries, India’s largest company by market capitalisation, saw its stock decline 28% from its 52-week high of Rs 1,609 (July 8, 2024) to Rs 1,162 (March 4, 2025). However, its revenue for the first three quarters of FY25 (April to December 2024) grew 6% YoY to Rs 7,83,036 crore, while net profit rose just 2% to Rs 58,353 crore.
HDFC Bank experienced a 9% stock decline from its 52-week high of Rs 1,880 in December 2024 to Rs 1,711. In contrast, its earnings performance remained robust, with 22% revenue growth YoY to Rs 2,49,588 crore and a 14% rise in net profit to Rs 54,156 crore. This suggests that the market downturn had a relatively limited impact on India’s largest private-sector bank.
TCS saw a 23% decline in stock price from Rs 4,592 in August 2024 to Rs 3,533 in March 2025. Similarly, its revenue grew only 6% YoY to Rs 1,90,845 crore, and net profit increased by 9% to Rs 36,504 crore. The slower growth in IT services demand is evident in both the company’s stock price movement and financial performance.
Bharti Airtel’s stock dropped 11% from its Rs 1,779 peak in September 2024 to Rs 1,576 in March 2025. However, its earnings told a different story, with revenue rising 11% YoY to Rs 1,25,109 crore, and net profit surging 363% YoY to Rs 21,360 crore.
ICICI Bank saw its stock decline 11% from Rs 1,362 (September 2024) to Rs 1,210 in March 2025. However, the bank reported a solid 18% revenue growth YoY to Rs 1,37,945 crore, with net profit rising 21% to Rs 40,095 crore. This indicates strong fundamentals despite short-term market volatility.
Infosys saw a 16% stock price decline from Rs 2,006 in December 2024 to Rs 1,690 in March 2025. Similarly, its revenue grew by only 5% YoY to Rs 1,22,065 crore, while net profit increased 8% to Rs 19,712 crore. The muted IT sector demand is reflected in both stock and earnings performance.
SBI’s stock dropped 21% from Rs 912 (June 2024) to Rs 716 (March 2025). However, its earnings were strong, with 13% revenue growth YoY to Rs 3,63,941 crore and a 27% rise in net profit to Rs 59,076 crore.
Among the major stocks, Bajaj Finance was the least impacted, declining only 2% from Rs 8,739 (February 2025) to Rs 8,589. Meanwhile, its revenue surged 28% YoY to Rs 50,078 crore, and net profit increased 15% to Rs 12,225 crore. The minimal market correction aligns with Bajaj Finance’s consistent earnings growth.
Hindustan Unilever suffered a 29% stock decline from Rs 3,035 (September 2024) to Rs 2,156. Its earnings also remained weak, with revenue growing only 2% YoY to Rs 46,842 crore, and net profit rising 6% to Rs 8,203 crore.
ITC saw a 25% stock correction from Rs 529 (September 2024) to Rs 395, despite 11% revenue growth YoY to Rs 62,180 crore. Notably, its net profit declined 2% to Rs 15,021 crore, making it the only company in this list with a YoY profit drop. This likely contributed to its market underperformance.