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Apr 04, 2026, 12:17:53 PM IST
March witnessed intense volatility in equities as rising inflation concerns and a sharp spike in crude oil prices above $100, triggered by escalating geopolitical tensions in West Asia, weighed heavily on sentiment. The conflict involving Israel, the US and Iran further clouded the outlook, dampening hopes of near-term interest rate cuts. Continued FII outflows added to the risk-off mood, dragging benchmark indices lower, with the Nifty tumbling over 11% during the month. Amid this broad-based selloff, midcaps were hit hard. Here are the 10 stocks that declined the most in March.
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The midcap stock has been the worst performer, plunging a steep 29% in March. It is a major Indian commercial vehicle manufacturer, ranking as the second-largest in India and the fourth-largest bus manufacturer globally.
Agencies
The stock witnessed sharp selling pressure, falling 23.40% during the month. It is India's largest city gas distribution (CGD) company, primarily engaged in distributing natural gas to domestic, commercial and industrial customers.
Agencies
4/11
Hindustan Petroleum Corporation Ltd
The counter declined significantly, dropping 23.14% in March. The company is primarily engaged in refining crude oil and marketing petroleum products.
ETMarkets.com
The stock remained under pressure, slipping 22.14% during the month. It is a leading Indian manufacturer of wires and cables, providing comprehensive electrical solutions for residential, industrial and infrastructure sectors.
ETTelecom
6/11
Mahindra & Mahindra Financial Services Ltd.
The company’s shares fell 22.10% in March, reflecting continued weakness. It is a leading Indian non-banking financial company (NBFC) specialising in providing financial services to rural and semi-urban India.
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7/11
Aegis Vopak Terminals Ltd.
The stock saw notable downside, declining 21.12% during the month. The company is a leading Indian provider of independent tank storage and logistics services for liquid chemicals, gases (LPG, propane, butane) and petroleum products.
ETMarkets.com
The counter registered losses of 19.60% in March. The company is India’s leading air conditioning and commercial refrigeration company, offering a wide range of cooling solutions, including room ACs, chillers and deep freezers.
ETMarkets.com
The PSU bank stock declined 19.18% in March. It is a leading nationalised bank in India, established in 1906, offering diverse financial services to individuals, businesses and corporations.
11/11
Max Financial Services Ltd.
The stock rounded off the list, falling 18.79% during the month. The company is an Indian holding company primarily focused on life insurance, acting as the parent company for Max Life Insurance.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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