The huge sell-off in frontline new economy stocks, which began few trading sessions ago, has been so severe that out of the top 10 most active IT stocks four have reached their new 52-week lows and five others are on the verge of hitting the new yearly low very shortly, if this severe meltdown continues for over two sessions. Pentamedia Graphics leads the pack with erosion in the M-cap of 90.63 per cent, when its stock closed at a new low of Rs 201.40 at BSE on Friday. The stock had fallen to this level from its 52-week high of Rs 2,150 and the market cap has eroded from a high of Rs 9,352.50 crore to a meagre Rs 876.09 crore on Friday.

Global Telesystems came second with market cap erosion of 87.60 per cent. Its market cap has fallen from a peak of Rs 15,478 crore during a year to a low of Rs 1,918 crore on Friday. Zee Telefilms comes third in market cap erosion by losing 86.89 per cent from a peak of Rs 66,107.72 crore to a low of Rs 8,660.40 crore on Friday. Silverline Technologies and SSi are the other major losers in market cap with an erosion of 86.02 per cent and 82.46 per cent respectively. Their market cap has eroded from a high of about Rs 10,000 crore each to a low of Rs 1,376 crore and Rs 1,705 crore. Other frontline actively traded new economy stocks which suffered heavy erosion in market cap during the recent melt-down included Satyam Computer (market cap down 78.02 per cent), HFCL (market cap erosion by 70.86 per cent), Wipro (market cap lost 67.92 per cent), Infosys Technologies (M-cap down by 59.45 per cent) and NIIT has lost 56.06 per cent in it's market cap from their highest market cap achieved during the year.