As Indian markets continue to go from strength to strength, hitting fresh all-time highs, investors are wondering where about buying opportunities. Analysts have said after the recent run-up in the broader market, the large-cap companies offer a better margin of safety compared to the rest of the segments. 

While most of the large-cap stocks have also performed well, some of the stocks have underperformed in the last 3 years. Benzinga India rounded up the top 10 underperforming stocks among the large-cap stocks. By large-cap stocks, we checked among the top 100 companies in NSE by market capitalization.

Company	P/E	3 Year Return %	Price To Book Ratio
Adani Total Gas	126.50	-18.00	24.45
Adani Energy Solutions	112.34	-15.85	9.00
SBI Cards	30.89	-9.42	6.11
Wipro	25.02	-7.21	3.74
Shree Cements	42.89	-6.04	4.40
Berger Paints	62.19	-2.98	13.44
Kotak Mahindra Bank	20.16	-2.36	2.84
HDFC Life Insurance	93.68	-1.58	9.96
Bajaj Finance	31.31	-0.96	6.17
Asian Paints	62.36	-0.15	16.85

Adani Total Gas

Adani Total Gas was the worst performing large-cap stock in the last 3 years with a decline of 18%. Adani Total Gas hasn’t had a great 2024 so far with stock falling by 21% so far. Despite the fall, the stock is trading at a P/E of 126.50 and a price-to-book ratio of 24.45. In June quarter results, the company’s net profit rose by 14% year on year to ₹171.84 crore.

Adani Green Energy Solutions

Another Adani Group stock among the underperformers, Adani Green has seen its stock fall above 15% in the last 3 years. The stock however had a stellar 2024 with a 25% return in the year to date so far. Similar to its peers, the stock is also trading at a P/E of 112.34 and a price-to-book ratio of 9. In the recent quarterly results, the company’s net profit surged over 38% YoY to ₹446 crore.

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SBI Cards

SBI Cards and Payments Service is the third worst performing stock with a decline of over 9%. The stock has underperformed the broader market as well with the stock rising by 2.91% in the year so far. SBI Cards has a P/E ratio of 30.89 and a price-to-book ratio of 6.11. SBI Cards reported a 0.19% YoY increase in net profit to ₹594.45 crore in the June quarter.

Wipro

The IT major is not having a great time at the bourses compared to its peers and it is reflected in its performance. Wipro’s shares were down 7.21% in the last 3 years. In the year so far, Wipro’s shares have gained 12.79%, performing much better than the longer trend. The stock is trading at a P/E of 25.02 and a price-to-book ratio of 3.74. Wipro’s net profit rose 4.64% YoY to ₹3,003.20 crore.

Shree Cements

Shree Cements’ stock declined 6.04% in the last 3 years. The stock’s struggles continued in 2024 as it fell 11.68% in the year so far. Despite this, the stock is trading at a P/E of 42.89 and a price-to-book ratio of 4.40. The underperformance might be due to its financial results as Shree Cements’s net profit fell by 51.32% YoY to ₹278.61 crore in its Q1 results.

Berger Paints

Berger Paints had an indifferent couple of years with a 3-year stock performance of -2.98%. The stock performed a tad better in 2024 with returns of 3.22%. Despite this, the stock is trading at a P/E of 62.19 and a price-to-book ratio of 13.44. In its Q1 results, Berger Paints’ net profit fell 0.22% YoY to ₹353.56 crore.

Kotak Mahindra Bank

Kotak Mahindra Bank is another company that has seen an underwhelming run. The stock fell 2.36% during the last 3 years. The stock has been trading flat in the year so far, up by 0.01%. The stock is trading at a P/E of 20.16 and a price-to-book ratio of 2.84. The private lender’s net profit fell 12.18% to ₹3,644.76 crore.

HDFC Life Insurance

HDFC Life Insurance also had a rough last 3 years with a decline of 1.58%. The stock has gained 9.76% in the year so far. The life insurance company is still trading at a P/E of 93.68 and a price-to-book ratio of 9.96. The company’s net profit rose 14.94% to ₹478.97 crore in Q1.

Bajaj Finance

Bajaj Finance’s stock has declined 0.96% in the last 3 years. The stock gained 4.10% in 2024 so far. The NBFC is trading at a P/E of 31.31 and a price-to-book ratio of 6.17. The company reported a 13.82% YoY increase in net profit to ₹3,911.98 crore in the June quarter.

Asian Paints

Asian Paints fell 0.15% in the last 3 years. The stock in the year so far has fallen by 2.44%. The company is still trading at a P/E of 62.36 and a price-to-book ratio of 16.85. The company’s net profit fell 24.54% YoY to ₹1,169.98 crore in Q1.

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