If you look at average market capitalisation (market cap) of the 59 healthcare companies in December 2007, all put together (Rs.1.58 million) did not add up to the market cap of one company, DLF Ltd at around Rs.1.69 million. But the tables have turned now. In December 2015, the average market cap of 11 real estate stocks (Rs.0.73 million) was less than half the market cap of Sun Pharmaceutical Industries Ltd at Rs.1.84 million. Such shifts in stock valuation aren’t uncommon as market cycles play out. At times, these happen across the board for a particular sector. Many real estate stocks, for example, have seen market values get eroded due to slow real growth in the sector over the past few years.
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