Kathmandu, Sept. 7 -- When the Bhotekoshi river surged through Rasuwa, Nuwakot and Dhading districts on August 26, it did more than tear down roads, bridges and hydropower infrastructure.

It sent a wave of anxiety through Nepal's stock market.

Shares of hydropower companies came under pressure as investors assessed what the floods could mean for an industry that holds one of the largest shares of the country's equity market. Insurance companies were also caught up in the selloff as investors anticipated potentially large claims from damaged hydropower projects.

Yet the physical damage is concentrated in a relatively small number of projects.

Around a dozen hydropower projects and related infrastructure in Rasuwa, Nuwakot and Dhading w...