Column : Dream stocks are disappearing
It’s not just Bharti though, the stock market is littered with examples of darlings turning into disillusionments. Infosys, which listed in 1993, is probably the best example of a spectacular company not able to live up to expectations. It could be the change of guard at the IT major or it could be the challenging global environment but the software giant, reputed for its under-promising and over-delivering, has missed guidance way too many times in the last couple of years. That has cost it its premium valuations and the stock now trades at multiples below that of peer TCS; from a lifetime high of R3,479 in January 2011, the Infosys counter now quotes at levels of R2,500.
Once a must in every portfolio, and a stock that has made so many people wealthy, Reliance Industries Limited (RIL) has probably been the disappointment of the decade; to the dismay of fund managers, many of
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