If many a stock had a dream run on the bourses in the market upswing from March 2009 to November 2010, they fell equally hard in the stock market decline that followed.
Considering the stocks that make up the CNX-500, about seven in ten stocks clocked returns above the 159 per cent of the broader market between the market lows in March 2009 and the high hit in November 2010.
Of these stocks, as much as 60 per cent got the short end of the stick, performing far worse than the broader market from November 5, 2010 to September 30, 2011.
Multi-bagger Jet Airways, for example, whose stock price expanded more than five times in the market upturn, lost 71 per cent in the downswing. Similarly, the stock of Sesa Goa, which had gained as much as 364 per cent, lost 41 per cent by end-September 2011.
Beaten twice over
The current market downswing is also again drubbing those stocks that had already been beaten down in the first downturn that started in early 2008.
Comparing the two bear runs of January 2008 to March 2009 and again from November 2010 to now, a good many stocks that lost heavily the first time around again been beaten down.
In the CNX-500 universe, of the stocks which fell farther than the 63 per cent of the broad market between January 2008 and March 2009, almost seven in ten have underperformed this time around too.
For instance, the stock of BL Kashyap sank 94 per cent the first time, and is still floundering, down 77 per cent between November 2010 and end-September 2011. JM Financial fell 85 per cent between January '08 and March 2009, again declining 59 per cent in the current bear market.
Sectors that have borne the brunt of market selling during both downturns include hotels, infrastructure and construction, banks, realty and steel besides smaller sectors such as tyres and paper.