Veliyath shared his thoughts on the ongoing market correction on social media, tweeting: “Most choirs never transform! Trust me, I’ve burned my fingers more than anyone who bets on the #ChangingIndia theme.”
He said they will perish in the ongoing ‘Historic Detoxification Drive’ of the Indian business community. Only companies with integrity – small or large – would survive and become winners.
Most choirs never transform! Trust me I burned my fingers than anyone who bets on #ChangingIndia theme🙂 Th… https://t.co/qauV0Oyooi— Porinju Veliyath (@porinju) 1570273191000
Porinju-led Equity Intelligence had 2,338 investors with assets under management of Rs 894 crore as of September. Its PMS returned 5.60 percent last month, according to Sebi’s monthly portfolio manager report.
His PMS witnessed erosion of 2.69 percent in August, 13.20 percent in July and 6.15 percent in June.
Earlier, in January 2019, Porinju said he made a mistake by investing in LEEL Electricals, formerly known as:& Engineering.
About 1,250 shares on BSE have affected more than 50 percent of investor wealth since January 1, 2018. About 126 stocks have lost more than 90 percent in the past 21 months.
No fewer than 2,100 shares have not yielded positive returns since January 2018. The sell-off has baffled many experienced investors.
The benchmark BSE Sensex is up 11 percent since January 2018, while the BSE Smallcap and Midcap indices cracked 34 percent and 23 percent, respectively.
This post Chor companies never change, I burned fingers trying to bet on #ChangingIndia: Porinju was original published at “https://economictimes.indiatimes.com/markets/stocks/news/chor-companies-never-change-i-burnt-fingers-trying-to-bet-on-changingindia-porinju/articleshow/71474039.cms”