The fast-spreading coronavirus and its economic impact have left investors completely lose faith.
The benchmark indices have cracked 37 percent from their record highs seen in January, while the broader market indices - BSE Midcap and Smallcap - were down more than 37 percent from 2020 highs.
Since the start of the financial year 2019-2020, 17 stocks have been listed on the bourses. Of these, 12 have fallen more than 50 percent from their respective record highs.
These include Affle India, Chalet Hotels, CSB Bank, IRCTC, Polycab India, Spandana Sphoorty Financial, and Ujjivan Small Finance Bank.
The biggest loser is Sterling and Wilson Solar, down 88 percent from its high, as investors were worried about the company's weak corporate governance and heavy debts.
SBI Cards and Payment Services, the subsidiary of State Bank of India, saw the minimum fall of 20 percent. The resilience was at a time when the uncertainty over the virus was very high.
Six out of these 17 stocks are still above their issue price which are Affle India, Indiamart Intermesh, IRCTC, Metropolis Healthcare, Neogen Chemicals, and Polycab India.
IRCTC, due to its monopolistic position with strong cash levels though there is lockdown across the country, was the biggest gainer among these six stocks - up 168 percent higher over IPO price as on March 24.
Till March 24, Indiamart Intermesh and Neogen Chemicals were up 95 percent and 53 percent, respectively, over the issue price.
Most experts feel the sentiment may remain in favour of bears till the recovery or good news on coronavirus front.
"Valuations have become attractive, and COVID-19 worries are adequately priced in. After a few quarters, it should be business as usual. But the markets are going to remain focused on Contagion for the time being. As soon as there is moderation in incremental contagion, markets should revive strongly," Anil Sarin, CIO at Centrum PMS told Moneycontrol.
More than 3.75 lakh people have been infected by the COVID-19 with over 16,000 deaths globally.