Indian equities have remained volatile in recent months. While the benchmark Nifty 50 is still nearly 10% below its 52-week high, the broader market has shown surprising resilience, with the Nifty Midcap 150 touching a fresh 52-week high on May 27.

However, the rally has been far from broad-based. Several midcap stocks continue to trade well below their peak levels. We identified 12 midcap names that are still down 40–50% from their respective 52-week highs, highlighting the sharp divergence within the broader market. (Data Source: ACE Equity)

KPIT Technologies

The stock has declined 46% to Rs 772 from its 52-week high of Rs 1,435 touched on June 19, 2025.

Hexaware Technologies

The stock has fallen 44% to Rs 508 from its 52-week high of Rs 900 reached on July 9, 2025.

Rail Vikas Nigam

The stock is down 43% to Rs 252 from its 52-week high of Rs 443 touched on June 9, 2025.

Swiggy

The stock has slipped 43% to Rs 271 from its 52-week high of Rs 474 recorded on September 19, 2025.

Kalyan Jewellers India

The stock has corrected 43% to Rs 355 from its 52-week high of Rs 618 touched on July 24, 2025.

Tata Investment Corporation

The stock has declined 42% to Rs 683 from its 52-week high of Rs 1,185 reached on October 3, 2025.

Godfrey Phillips India

The stock is trading 41% lower at Rs 2,311 compared to its 52-week high of Rs 3,947 touched on September 16, 2025.

Jubilant FoodWorks

The stock has dropped 41% to Rs 427 from its 52-week high of Rs 719 recorded on July 1, 2025.

ITC Hotels

The stock has fallen 40% to Rs 156 from its 52-week high of Rs 262 touched on July 21, 2025.

Cochin Shipyard

The stock is down 40% to Rs 1,524 from its 52-week high of Rs 2,545 reached on June 6, 2025.

SBI Cards and Payment Services

The stock has corrected 39% to Rs 625 from its 52-week high of Rs 1,027 touched on June 10, 2025.

Bharat Dynamics

The stock has slipped 39% to Rs 1,282 from its 52-week high of Rs 2,097 recorded on May 30, 2025.

United Breweries

The stock is trading 37% lower at Rs 1,340 compared to its 52-week high of Rs 2,135 touched on June 11, 2025.

Dixon Technologies (India)

The stock has declined 36% to Rs 11,756 from its 52-week high of Rs 18,471 reached on September 25, 2025.