Indian equity benchmark indices Sensex and Nifty fell nearly 1% on Thursday, erasing over ₹4 lakh crore in BSE market capitalisation. According to The Economic Times, the sharp selloff was triggered by surging US 10-year Treasury bond yields to 19-year highs, heightened US Fed rate hike expectations, and rising crude oil prices above $102 per barrel. This market downturn has significantly impacted the 2025 multibagger stocks, with the previous year's gains now under severe pressure.
The 2025 multibagger pack has experienced a dramatic split in 2026, with eight stocks maintaining positive performance while seven have declined into the red. According to reports from The Economic Times, this sharp divergence demonstrates how quickly momentum trades can reverse once market sentiment changes. Cupid has emerged as the strongest continuation trade, gaining 149% in 2026 after its remarkable 583% surge in 2025. SML Mahindra has also extended its rally, rising 69% this year following a 183% gain in the previous year.
Several stocks from the 2025 multibagger list have continued their upward trajectory in 2026. Apollo Micro Systems is up 50% this year after gaining 136% last year, while Gabriel India has advanced 46% following a 113% rise in 2025. Axiscades Technologies is up 43% after rising 112% last year, and Lumax Auto Technologies has gained 37% this year after a 139% rally in 2025. Aditya Birla Capital is up 11% in 2026 after rising 101% in 2025, and Jayaswal Neco Industries has gained just 3% this year after a 124% gain last year.
The most dramatic reversals have occurred among the biggest winners from 2025. Midwest Energy, which had surged 4,284% in 2025, is down 27% in 2026. Ashapura Minechem has fallen 39% after a 125% gain last year. Force Motors, which had rallied 216% in 2025, has fallen 16% in 2026. Hindustan Copper has slipped 2% in 2026 after a 109.16% rise in 2025, and L&T Finance is down 4% after gaining 133% last year.
Elitecon International and Blue Pearl Agriventures have experienced the steepest falls among the multibagger group. Elitecon had jumped 881% in 2025 but crashed 91% in 2026. Blue Pearl Agriventures, which gained 564% last year, is down 91% this year. As reported by The Economic Times, the data reveals that buying after a stock has already multiplied can work only if earnings, valuations and liquidity continue to support the move. Once the market turns cautious, the same stocks can fall faster because expectations are already stretched.
The split in multibagger performance shows that the market is becoming more selective, with stocks maintaining stronger business momentum or sector tailwinds holding up while those that ran far ahead of fundamentals have corrected sharply. According to Sachin Shah, Executive Director and Fund Manager at Emkay Investment Managers, the Fed's latest rate hike may have been largely expected, but the impact on India goes beyond the 25-basis-point move. He noted that elevated US Treasury yields, a stronger dollar, higher crude prices and the rupee near record lows have changed the risk-reward equation for global investors allocating money to emerging markets.
