Here are **15 Indian stocks** that are currently down **at least 50% from their all-time highs**, yet have reasonably strong fundamentals (earnings, ROE/ROCE, business stability, or organized growth). They offer potential long-term value if you believe in their turnaround or recovery: ## 📉 Big Declines (> 50% off ATH) Based on Screener data and repeated across screens 1. **Adani Green Energy** – clean energy; down \~70% 2. **Punjab National Bank** – PSU bank with improving asset quality 3. **IDBI Bank** – PSU bank recovering under new management 4. **Union Bank of India** – PSU bank turnaround 5. **Vodafone Idea** – telecom turnaround in progress 6. **Suzlon Energy** – wind power, debt restructuring 7. **Bank of India** – PSU bank with strong balance sheet 8. **Steel Authority of India (SAIL)** – cyclical steel play 9. **UCO Bank** – PSU bank showing operational recovery 10. **Adani Total Gas** – city‐gas stocks under pressure 11. **Yes Bank** – rebounding bank post-concern 12. **NMDC** – government-owned mining co. 13. **Adani Wilmar** – edible oil + agri; diversified 14. **Gandhar Oil Refinery** – oil‐products, mid‐cap 15. **Tata Tele. (Mahindra)** – telecom alternative --- ## ✅ Fundamental Quality Snapshot * **PSU Banks** (Punjab NB, Union, IDBI, BOI, UCO, Yes Bank): Improving asset quality and capital buffers; ROEs \~6–15%. Visible recovery path * ⁠ * **Adani Green & Adani Total Gas**: Long-term structural themes (renewables or energy), though impacted by sector-wide corrections. * **NMDC, SAIL, Gandhar Oil Refineries**: Commodity plays with cyclical volatility; earnings dependent on commodity pricing but backed by strong asset base. * **Vodafone Idea & Tata Tele**: Telecoms undergoing consolidation and 5G rollouts with heavy competition. * **Suzlon**: Turnaround story with debt cleanup and stable order book. * **Adani Wilmar**: Integrated edible oil & agri business with stable margins. --- ## ⚠️ Risks & Considerations * **Sectoral/cyclical exposure**: e.g., metals, commodities, energy – profits swing with cycles. * **Execution uncertainty**: PSU banks and turnarounds can lag timelines. * **Regulatory/policy risks**: especially in energy and public sectors.