Under-Performers: Tejas Networks and 5 Stocks Down Nearly 40% Since Early 2026

SYNOPSIS: Several stocks across financials, pharma, chemicals and manufacturing are currently down sharply in 2026, reflecting sustained selling pressure and underperformance across the broader market segments.

The Benchmark Indices concluded Monday’s trading session positively, with the Sensex increasing by 943.5 points, or 1.17 percent, ending the day at 81,666.46. Meanwhile, the Nifty 50 index increased by around 263 points, equivalent to a rise of 1.06 percent, and closed in the green at 25,088.4.

Over the previous five trading sessions, the Sensex witnessed an increase of 0.03 percent, while the Nifty 50 index also surged by around 0.52 percent. Below are a few stocks that are currently down by up to 40 percent in 2026:

Transformers and Rectifiers (India) Limited

With a market cap of Rs. 6,909.8 crores, the stock closed in the red at Rs. 230.2 on Monday. So far in 2026, the stock has delivered negative returns of over 25 percent, and has fallen by around 71 percent in the last one year. Additionally, the stock is currently trading at a discount of over 61 percent from its 52-week high of Rs. 594.8 on BSE, recorded on 23rd April 2025.

TARIL, a prominent player in the manufacturing of transformers & reactors in India, offers a diverse product portfolio that includes single-phase power transformers of up to 500 MVA and 1200 kV class, furnace transformers, and rectifier and distribution transformers. It also manufactures specialty transformers designed for applications such as locomotive traction, along with series and shunt reactors, mobile substations, earthing transformers, solar application transformers, and green hydrogen application transformers.

Tejas Networks Limited

With a market cap of Rs. 5,828.7 crores, the stock closed in the red at Rs. 328.3 on Monday. Tejas Networks Limited is a wireline and wireless telecom and data networking products company and a part of Panatone Finvest Limited (a subsidiary of Tata Sons Private Limited).

So far in 2026, the stock has delivered negative returns of over 27 percent, and has fallen by more than 61 percent in the last one year. Additionally, the stock is currently trading at a discount of nearly 64 percent from its 52-week high of Rs. 914.5 on BSE, recorded on 22nd April 2025.

OneSource Specialty Pharma Limited

With a market cap of Rs. 13,864.8 crores, the stock closed in the red at Rs. 1,210 on Monday. OneSource Specialty Pharma Limited is engaged in the R&D, manufacture and commercialisation of biological drug products in various injectable formats, along with offering end-to-end CDMO services across all phases of pre-clinical and clinical development and commercial supply of biologics.

So far in 2026, the stock has delivered negative returns of over 32 percent, and has fallen by over 19 percent in the last one year. Additionally, the stock is currently trading at a discount of nearly 46 percent from its 52-week high of Rs. 2,249.65 on BSE, recorded on 18th June 2025.

Kiri Industries Limited

With a market cap of Rs. 2,769 crores, the stock closed in the green at Rs. 461.35 on Monday. Kiri Industries Limited is engaged in the business of manufacturing and selling dyes, dye intermediates and basic chemicals.

So far in 2026, the stock has delivered negative returns of around 33 percent, and has fallen by over 22 percent in the last one year. Additionally, the stock is currently trading at a discount of nearly 41 percent from its 52-week high of Rs. 778 on BSE, recorded on 1st January 2026.

Sigachi Industries Limited

With a market cap of Rs. 763 crores, the stock closed in the green at Rs. 19.98 on Monday. So far in 2026, the stock has delivered negative returns of around 35 percent, and has fallen by over 56 percent in the last one year. Additionally, the stock is currently trading at a discount of over 66 percent from its 52-week high of Rs. 59.5 on BSE, recorded on 16th June 2025.

Sigachi Industries Limited emerged as one of the leading Microcrystalline Cellulose (MCC) manufacturers worldwide. It has a diverse portfolio comprising high-quality excipients, co-processed excipients, pre-formulated excipients, APIs and Intermediates, vitamin-mineral-nutrient blends and O&M services. The company operates 5 advanced manufacturing facilities spread across Gujarat, Telangana, and Karnataka.

Systematix Corporate Services Limited

With a market cap of Rs. 1,161 crores, the stock closed in the green at Rs. 85 on Monday. Systematix Corporate Services Limited is registered as category I Merchant banker with Security Exchange Board of India (SEBI) and primarily is engaged in the business of merchant banking activities.

So far in 2026, the stock has delivered negative returns of around 40 percent, and has fallen by nearly 44 percent in the last one year. Additionally, the stock is currently trading at a discount of nearly 53 percent from its 52-week high of Rs. 179.7 on BSE, recorded on 24th November 2025.

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