New Delhi, March 18 -- Eternal Ltd's stock fell for 18 consecutive sessions till Friday, losing nearly a quarter of its value to Rs.216. It is rare for a Nifty50 index constituent to have such a long losing streak.

It has recovered by about 11% to Rs.242 over the last three trading sessions, probably after JM Financial Institutional Securities reiterated its target price on the stock at Rs.400 with largely unchanged earnings estimates. It also helps that broader markets have gained in the past three sessions.

What are investors concerned about? Certainly, the management change cannot be the cause because the stock recovered its early loss after the 21 January announcement of a leadership change, when Albinder Dhindsa replaced Deepinder ...