On March 23, 2020, the Indian stock market hit rock bottom as the COVID-19 pandemic sent shockwaves through global financial systems. Fast forward to today, five years later, and the Nifty has delivered a staggering 3.07x return from its March 20, 2020, lows. This phenomenal rally has created immense wealth for investors, but not all stocks have participated equally in this bull run.

Let’s take a closer look at the biggest winners and the underperformers over this five-year journey.

Standout Gainers: Multi-Baggers That Defied Gravity

Several stocks have delivered astronomical returns, turning early investors into millionaires. Here are some of the biggest gainers since March 2020:

1. CG Power +11,351% – A turnaround story like no other, CG Power has been the biggest multibagger of the past five years.
2. Ganesh Housing +5,990% – Benefiting from the real estate boom, this company has given extraordinary returns.
3. Zen Technologies +5,157% – A major player in defense technology, riding on India's growing defense spending.
4. Gravita India +4,700% – This battery recycling firm has gained massively, fueled by the EV revolution.
5. Neuland Labs +4,024% – A specialty pharma player thriving amid growing demand for API manufacturing in India.
6. AurionPro +3,705% – A fintech and cybersecurity powerhouse that has seen exponential growth.
7. Action Construction Equipment (ACE) +3,515% – Benefiting from India’s infrastructure boom.
8. KPIT Technologies +3,217% – One of the best-performing IT stocks, thanks to the automotive tech revolution.
9. RVNL +3,155% – Riding on India’s aggressive railway modernization plans.
10. Suzlon Energy +2,954% – Once a struggling company, now a massive beneficiary of the green energy push.
11. Jindal Stainless +2,609% – A strong performer in the metals space amid rising steel demand.

The Laggards: Stocks That Couldn’t Keep Up

While the broader market surged, a few stocks have failed to deliver returns—or worse, have seen a decline in value:

1. Yes Bank (-57%) – Once a banking giant, Yes Bank has struggled despite a bailout, failing to regain investor confidence.
2. Zee Entertainment (-13%) – Despite media industry growth, Zee has faced governance issues and business challenges.
3. Relaxo Footwear (-14%) – Even in a consumer-driven market, Relaxo has lagged behind.
4. Tasty Bite Eatables (-2%) – Premium food brands have seen muted growth post-pandemic.
5. Pfizer (+12%) – The pharmaceutical giant has underperformed compared to its peers.
6. RBL Bank (+19%) – While the banking sector has boomed, RBL Bank’s performance has remained sluggish

The Big Picture: Lessons from the Past 5 Years

1. The Power of Cycles – Stocks in the right sector at the right time can deliver unbelievable returns. Defense, technology, renewable energy, and infrastructure have been the biggest wealth creators.

2. Turnarounds Can Be Game-Changers – Stocks like CG Power and Suzlon, once struggling, have made a dramatic comeback.

3. Stock Selection Matters – While the broader market surged, some stocks, even from established industries, failed to perform. Governance issues and weak business strategies have hurt them.

4. Staying Invested Pays Off – Investors who stayed through the volatility of 2020 have been handsomely reward

As we celebrate five years since the Nifty crash of 2020, it’s a reminder that market downturns are opportunities in disguise. The key to wealth creation lies in identifying strong companies, understanding market cycles, and staying invested with conviction.

Disclaimer:

The information provided in this article is for educational and informational purposes only and should not be considered as financial or investment advice. Stock market investments are subject to market risks, and past performance is not indicative of future results. Readers are advised to conduct their own research or consult a qualified financial advisor before making any investment decisions. The author and Sensexnifty.com are not responsible for any financial losses incurred based on the information provided in this article.