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Eight Nifty 50 constituents recorded negative five-year returns in the comparison published by The Economic Times on October 15, 2026: Infosys, Tata Consultancy Services (TCS), Hindustan Unilever, Asian Paints, HDFC Life Insurance Company, HDFC Bank, Reliance Industries and Bajaj Finserv. HDFC Bank was down about 16%, while the Nifty benchmark gained more than 23% over the broad comparison period.
This is a historical holdings check, not a buy, sell or hold recommendation. Your result can differ depending on the exact dates, dividends, stock splits and whether you measure price return or total return.
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The eight Nifty stocks that were down over five years
The Economic Times/ETMarkets report uses approximate figures, so the percentages below should be read as ranges rather than precise portfolio outcomes. The measurement date was October 15, 2026.
| Stock | Reported five-year performance | Position in the list |
|---|---|---|
| Infosys | Approximately -37% | Weakest performer in the report |
| Tata Consultancy Services (TCS) | More than -36% | Second-weakest result |
| Asian Paints | Nearly -29% | Large consumer-sector decline |
| Hindustan Unilever | More than -28% | Among the biggest declines |
| HDFC Life Insurance Company | Around -22% | Negative financial-services return |
| HDFC Bank | Around -16% | Below both zero and the benchmark |
| Reliance Industries | More than -13% | Negative despite its Nifty weight |
| Bajaj Finserv | Nearly -7% | Smallest decline among the eight |
Because the report says “around,” “nearly” and “more than,” these numbers should not be treated as tradable prices or as a precise statement of what every investor earned. Entry date, transaction costs, taxes and position size also affect an individual result.
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How HDFC Bank compares with the Nifty 50
HDFC Bank’s reported five-year loss of about 16% contrasts with a gain of more than 23% for the Nifty benchmark over the same broad period. That is benchmark-relative underperformance of roughly 39 percentage points when the two headline figures are compared, although the underlying series may use slightly different dates or return conventions.
The bank’s shorter-term figures in the October 15 report were also weak: down more than 28% year to date in 2026, more than 27% over one year and over 7% over three years. Those windows overlap, and each is a snapshot that changes with every market session.
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Why HDFC Bank lagged, according to the reports
Governance and leadership concerns
The Economic Times links investor pessimism around HDFC Bank to governance worries. Outlook Money separately cites leadership exits and governance concerns as factors behind the lag. These are reported explanations for past market performance, not proof of a future outcome.
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Outlook Money also points to margin pressure and selling by foreign investors. At the wider market level, the Economic Times attributes weakness among the group of laggards to tariff uncertainty, the Middle East war, a falling rupee, rising bond yields and foreign-investor outflows.
Corporate actions and dividends
Outlook Money notes that HDFC Bank issued a 1:1 bonus in 2025 and paid annual dividends during the period. A bonus changes the number of shares and the historical price series; it does not, by itself, create wealth. Dividends, however, can materially change a shareholder’s total return when reinvested or included in the calculation.
Price return versus total return: the calculation can change the answer
ReturnScreener says its HDFC Bank five-year calculation uses historical NSE closing prices adjusted for dividends and stock splits. That is a total-return style measure. A price-only chart that ignores cash distributions can show a different percentage.
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For a simple holding-period calculation, use:
Return (%) = (ending value - starting value) / starting value × 100
For a dividend-adjusted result, add cash dividends (or the value of reinvested dividends) to the ending value and adjust for splits and bonuses. Keep the start date, end date, exchange, corporate actions and currency consistent. Do not compare an adjusted total-return figure for one stock with an unadjusted price chart for another.
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How to check whether you own one of the eight
- Open your latest demat or brokerage statement and list every Nifty 50 holding, including the exact security name and quantity.
- Match those names against the eight stocks in the table. Check the legal entity carefully; similarly named subsidiaries are not interchangeable.
- Record your actual average purchase cost, including any additional lots, rather than using a five-year index date as a proxy for your portfolio.
- Add dividends received and account for the 2025 HDFC Bank bonus or any other split, bonus or merger affecting your shares.
- Compare the resulting holding-period return with the Nifty 50 over the same dates and with the same price-versus-total-return convention.
A stock appearing on this historical screen does not establish that it is unsuitable for your objectives. Conversely, a positive past return does not establish that it will continue to outperform.
What this screen does—and does not—tell you
- It does show: which eight Nifty 50 constituents had negative reported five-year performance as of October 15, 2026, and how they compared with a rising Nifty benchmark.
- It does not show: your personal return, an intrinsic value, a forecast, or a suitable action for your risk profile.
- It can hide: differences in valuation, earnings growth, margins, leverage, dividends, tax treatment and the exact measurement dates.
- It can change: the Nifty membership, daily prices, corporate actions and benchmark data are not fixed.
The Economic Times article carries a disclaimer that its writer is not a SEBI-registered Research Analyst or Investment Adviser and tells readers to make decisions based on their own assessment. Historical performance describes what happened; it does not predict future returns.
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