2018 Was The Worst Year In A Decade For Mid Caps By This Yardstick
Zero. That’s the number of mid-cap stocks that doubled investor money in 2018—the worst performance since 2008, the year of financial crisis.
Seventy-three of the Nifty Midcap 100 stocks declined this year and the benchmark tumbled 15.5 percent. The selloff in the broader market was driven by introduction of long-term capital gains tax, change in mutual classification, liquidation concerns around non-bank lenders, higher oil prices, a weaker rupee and the trade war.
Top losers include Vakrangee Ltd., PC Jeweller Ltd. and Sun Pharma Advanced Research Company Ltd.—all plunged between 63 percent and 92 percent.
Top gainers include Graphite electrode maker HEG Ltd., software consulting and services provider LTI Infotech Ltd. and footwear retailer Bata Ltd., which gained more than 50 percent each. No stock returned more than 100 percent.