Stock Market Winners and Losers: How Investors Fared Over the Past Five Years

The period from 2020 to 2025 proved to be one of the most lucrative five-year spans in India’s stock market history, generating substantial wealth for investors. However, it was also a time of significant losses for some, highlighting the high-risk, high-reward nature of equities.

Top Wealth Creators

According to a recent study by Motilal Oswal, India’s top 100 wealth-creating companies delivered exceptional returns, achieving a compound annual growth rate (CAGR) of 38%—well above the Sensex’s 21% CAGR during the same period.

Leading the pack was Bharti Airtel, which added ₹7.9 lakh crore to its market value over five years. ICICI Bank followed closely with a market value increase of ₹7.4 lakh crore. The Bombay Stock Exchange (BSE) itself was among the fastest wealth creators, delivering a remarkable 124% annual return. In terms of all-round performance, Hindustan Aeronautics Limited impressed with a 75% CAGR.

Biggest Losers

Not all stocks enjoyed such robust gains. The top 10 wealth-depleting stocks accounted for 82% of total losses. Major names in this list included Bandhan Bank, Vodafone Idea, G Entertainment, PVR INOX, and Future Consumer.

• Rajesh Exports and Whirlpool India emerged as the biggest losers, together eroding over ₹10,000 crore in investor wealth over five years. Rajesh Exports fell 60%, averaging a 19% annual loss, while Whirlpool India declined 56%, averaging an 11% yearly loss.
• Bandhan Bank shares posted a 6% annual decline, causing a loss of ₹8,400 crore for investors.
• Vodafone Idea, heavily indebted, led to a ₹7,100 crore loss over five years, despite a recent surge of over 50% in the last six months. It was the only stock on the list that still recorded a positive CAGR of 17%.

Sector-Wise Impact

Consumer and retail stocks were the hardest hit, collectively causing ₹29,600 crore in losses—44% of the total losses. Other sectors like financials and telecom also contributed significantly to the negative returns. Companies like Dhani Services, Relaxo Footwear, PVR INOX, Spandan Spfurti, G Entertainment, and Future Consumer collectively inflicted losses of ₹14,100 crore.

Conclusion

The past five years underscore the dual nature of equity investing in India: while some companies have created immense wealth for shareholders, others have inflicted severe losses. Investors’ experiences varied widely across sectors, highlighting the importance of diversification, informed decision-making, and careful risk management in navigating the stock market.