Porinju Veliyath: Chor companies never change, I burnt fingers trying to bet on #ChangingIndia: Porinju

Sharing his views on the ongoing market correction on social media, Veliyath tweeted: “Most
chors never transform! Trust me, I have burnt my fingers than anyone else betting on the #ChangingIndia theme.”

He said they will perish in the ongoing ‘Historic Detoxification Drive’ of corporate India. Only companies with integrity – small or large – would survive and emerge winners.

Porinju-led Equity Intelligence had 2,338 investors in September with asset under management of Rs 894 crore. His PMS delivered 5.60 per cent return last month, according to Sebi’s monthly portfolio manager report.

His PMS witnessed a 2.69 per cent erosion in August, 13.20 per cent in July and 6.15 per cent in June.

Earlier, in January 2019, Porinju said he made a mistake by investing in LEEL Electricals, formerly known as

& Engineering.

About 1,250 stocks on BSE have eroded over 50 per cent of investor wealth since January 1, 2018. Some 126 stocks have lost in excess of 90 per cent in last 21 months.

A staggering 2,100 stocks have failed to deliver positive returns since January, 2018. The selloff has baffled many seasoned investors.

The benchmark BSE Sensex is up 11 per cent since January 2018, while the BSE Smallcap and Midcap indices have cracked 34 per cent and 23 per cent, respectively.