The Nifty 50 is down 9% from the record high level of 26,277 it had made on September 27 this year. 48 out of the 50 Nifty constituents are trading with losses since that day. Nearly half of the Nifty constituents are trading with losses of 10% or more, with three of them even shedding more than 20%.

Most of the top losers on the Nifty since September 27 are earnings accidents, meaning those stocks whose earnings for the September quarter failed to impress the street.

IndusInd Bank 

IndusInd Bank is the top loser on the Nifty 50 since September 27 with losses of nearly 30%. The stock declined after its quarterly results where its slippages increased by 17% sequentially, while asset quality also saw deterioration. Provisions for the quarter also increased by 73% on a quarter-on-quarter basis.

Bajaj Auto 

Bajaj Auto could possibly termed as the stock that triggered the extreme earnings reactions post its quarterly results. While the results were in-line with expectations, a sharp run-up in the stock coupled with cautious management commentary left the street unimpressed. The stock is down 25% from September 27 and has even slipped below the mark of ₹10,000. The company's sales figure for October were also below expectations with domestic sales declining over 8%.

Tata Consumer Products

Tata Consumer Products also features among the top Nifty losers after its quarterly results after its India Beverage business revenue fell 3%, while volumes fell 4% from last year due to soft demand. Its tea market share also fell by 20 basis points. Tata Consumer's Ready To Drink business revenue fell 11% due to unfavourable weather and competitive price actions. Brokerages downgraded and cut earnings estimates post its results. Shares of Tata Consumer Products are down over 19% since September 27.

Maruti Suzuki

Maruti Suzuki shares are also down 19% since September 27. India's largest passenger car manufacturer reported results last week which were below expectations, with EBITDA falling to a three-quarter low and margins narrowing to a five-quarter low.

Nestle India

Nestle India  was another earnings accident which led to a correction in its stock price. The company's volumes declined by 1.5% during the quarter, contrary to expectations of 0% to 1% growth year-on-year. Shares of the company are down 18.5% from September 27.

Hindustan Unilever 

Hindustan Unilever shares too are down 16% from September 27 and features among the top losers on the index after weak macros impacted the company's performance. Results were dragged lower by personal care, along with food and refreshments business.

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