At 01:55 PM, the S&P BSE Sensex was down nearly 1% or 207 points at 23,203, fallen nearly 600 points in past two trading sessions on continues selling of equities by foreign investors.

Thus far in 2016, these five stocks have declined between 12%-42% as compared to 10% decline in the S&P BSE Sensex.

So far in the calendar year, the foreign institutional investors have sold equities net amounting of Rs 16,700 crore ($2.46 billion) till yesterday, the Sebi, data shows.

ITC dipped 2% to Rs 288, extending its past two days 3.6% decline on the BSE, on fears that a further hike in excise duty in the forthcoming Union Budget. The stock has corrected 30% from its 52-week high of Rs 410, touched on February 28, 2015 in intra-day trade.

Governments have been invariably increasing excise duties on cigarettes by a significant proportion in budgets over the past few years which has resulted in continues decline in cigarette sales volumes.

“In the upcoming budget, the industry is expecting just a marginal hike in excise duty on cigarettes, which would provide some respite to the industry. On such anticipation, we are positive on ITC,” said Angel Broking in recent report of Union Budget 2016-17 preview.

Further, considering that the stock price of ITC has corrected significantly in the past one year period, the stock now poses as a good buying opportunity at the current levels, added report.

Bharat Heavy Electricals Limited (BHEL) has fallen to Rs 95, its lowest level since August 2005 on the BSE. Thus far in 2016, the stock tanked 43% as compared to 10% decline in S&P BSE Sensex on disappointing financial results.

For the first nine months (April - December 2015) of the current financial year 2015-16, BHEL had reported net loss of Rs 1,273 crore as compared to profit of Rs 530 crore in the same period last year. It had profit of Rs 1,419 crore in entire previous financial year 2014-15.

HDFC, Cipla and ICICI Bank were down more than 1% each on the BSE.