business

India Mid-Caps Slide to Fulfill Old `Sell in May' Cliche: Chart

The ‘sell in May and go away’ trade seems to be playing out in Indian mid-cap stocks. A gauge of medium-sized companies is down 6.6 percent this month, set for its worst May since 2006, as rising oil prices and a weak rupee spur investors to exit shares trading near peak valuations versus bigger companies. While “speculative mid-caps” may suffer more pain, good-quality names within this class of firms are luring buyers, said Sunil Subramaniam, chief executive officer at Sundaram Asset Management, which has $5.1 billion of assets.

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