New Delhi: Despite sharp global volatility, heavy foreign investor selling, and a steep fall in the rupee, the Indian stock market largely remained range-bound this year, supported by strong domestic investor participation. However, not all stocks managed to hold their ground. Several high-flying multibagger stocks of 2024 have delivered a rude shock to investors in 2025.
In 2024, as many as 133 stocks delivered multibagger returns, with gains going as high as 576%. But in a sharp reversal, 13 of these stocks — each with a market capitalization above ₹2,000 crore — have turned into major laggards this year, posting declines of up to 63%.
Biggest Fallers from Last Year’s Stars
Topping the list is Insolation Energy, which had soared 393% in 2024 but has plunged 63% this year, with its share price falling from ₹372 to ₹138.
Orchid Pharma is another major disappointment. After gaining 153% last year, the stock has slumped 57% in 2025, dropping from ₹1,808 to ₹771.
Similarly, Ganesh Ecosphere has fallen 57% this year, after delivering 106% returns in 2024. Newgen Software Technologies, which had risen 118% last year, is down 50% in the current year.
EMS has also failed to live up to expectations, declining 49% in 2025, despite a 101% rally in 2024.
More Former Multibaggers Turn Weak
Other prominent names on the list include:
- Transformers and Rectifiers (India): Down 48% this year after a 391% surge in 2024
- Ashoka Buildcon: Fell 45% in 2025, following 124% gains last year
- Kans Technology India: Declined 44%, after rising 184% in 2024
- Refex Industries: Down 44%, despite a 300% jump last year
Stocks that once delivered extraordinary returns have also struggled to sustain momentum:
- Bevsol Energy Systems: Down 43% after a massive 576% rally in 2024
- Zen Technologies: Slipped 43%, following 207% gains last year
- PG Electroplast: Fell 41% after rising 314% in 2024
- PC Jeweller: Down 40%, after delivering 239% returns last year
Lesson for Investors
The sharp reversal in these stocks highlights a key market lesson: past performance does not guarantee future returns. Many stocks that surged on optimism, sectoral tailwinds, or re-rating in 2024 struggled in 2025 amid profit booking, valuation concerns, and changing market dynamics.
For investors, the performance of these former multibaggers underlines the importance of fundamental analysis, risk management, and diversification, especially in a market environment marked by uncertainty and volatility.
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