The year 2024 was one of high-momentum for Indian stocks, as the equity market gained for a ninth consecutive year driven by strong domestic fund inflows and a robust macro-environment. In 2025 so far, a reversal in trend could be seen, with heavy corrections in previously high-flying stocks.
The correction in stocks that gained massively in the last calendar year is largely driven by broader market weakness or sector-specific adjustments.
Some of the top 10 multibagger stocks, which massively outperformed the market in 2024, have corrected by up to around 40% in 2025.
GE Vernova T&D India Ltd., after gaining more than 300% or 4.12 times last year, has shed nearly 30% in 2025 so far.
Kfin Technologies Ltd. gained more than 218% or 3.18 times in 2024 but failed to sustain the gains and corrected nearly 40% in this year so far.
Motilal Oswal Financial Services Ltd. and Oracle Financial Services Software Ltd., after gaining more than 200% last year, have corrected by around 40%.
Anant Raj Ltd., Kaynes Technology India Ltd., Hitachi Energy India Ltd., Dixon Technologies (India) Ltd. and PB Fintech Ltd., which gained more than 150% in 2024, have declined in the range of 15% to 40% in the calendar year so far.
Among the top 10 multibaggers, only Godfrey Phillips India Ltd. has managed to sustain the gains of 2024. After surging by nearly 150% in 2024, the stock has stayed nearly flat with a marginal rise of 0.1%.
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