10 High Quality Stocks That Dropped More Than 40% From Highs

Markets have been extremely volatile, with the Nifty hitting a new 52-week low in trade. Here are 10 high quality stocks that have plunged more than 40% from 52-week highs. 52-week highsCurrent market priceLux Industries46411777Mindtree50572797HDFC AMC33001742NMDC169109Gujarat Gas782405ICICI Securities895424Gulf Oil714390TV Today Network464252Jindal Steel577334Tata Metaliks1364659Advertisement According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, going ahead, markets are likely to stay under pressure amidst worry over significant economic slowdown.Further delay in monsoon is also denting sentiments as it might further push the rural demand recovery. In the absence of any positive trigger and continuous selling by FIIs, we would suggest caution to traders and advise not carrying any positions overnight given the uncertain market conditions. On the other hand, investors can slowly start accumulating quality stocks on a very selective basis without getting into aggression, he says. As Foreign Portfolio Investors (FPIs) are selling, we are likely to see more pain, unless the selling ends. FPIs continued their selling spree in May, pulling out nearly Rs 44,000 crore ($5.7 billion) from domestic markets. This is the worst sell-off the markets have seen since March 2020 when foreign investors dumped shares worth Rs 58,632 crore ($7.9 billion) due to the scare triggered by Covid-19 The sell-off in May is also the second-highest monthly outflows recorded in the domestic market since 1993.In June the trend has not changed and so far until June 16, the net sale has been close to Rs 34,crores and if the trend continues, this could be the worst month in a long time. A further downside in the markets is possible and investors should be careful. Investors are advised caution as the markets have become exceedingly volatile. Neither Greynium Information Technologies, nor the author, would be responsible for any losses based on a decision reading the above article. Every effort has been made to provide accurate information and readers should understand the inherent risks before investing in the markets.