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After delivering 48.1% in CY23 and 26.4% in CY24, the Nifty Small Cap 250 Index entered a period of consolidation, declining 6.0% in CY25 and recording its weakest calendar-year performance in seven years. The correction began in early 2025, driven by a combination of factors: a valuation reset as earnings growth failed to keep pace with elevated expectations; profit-taking activity alongside regulatory caution regarding stress testing in the small-cap segment; and substantial primary issuance and secondary market supply, which diverted liquidity from the broader segment.
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