New Delhi, March 30 -- Markets ultimately follow earnings, but during broad-based sell-offs, very few stocks remain unscathed. Even fundamentally strong companies often get dragged down with the tide. This is evident in the performance of six Nifty 500 stocks that have declined by up to 35% in 2026 so far despite consistently compounding earnings.

The Nifty 50 index is down 13.5% year-to-date (YTD), after logging losses in all three months of the year. The latest sell-off has been triggered by escalating geopolitical tensions in the Middle East, particularly the ongoing conflict involving the US, Israel and Iran, which has pushed crude oil prices higher.

As the world's third-largest oil importer, India remains vulnerable to rising crude...