Companies repurchasing the highest percentage of their shares have fared worse, dropping 9.1 percent.
“It’s definitely not sustainable that the only buyer is companies themselves,” said Vikas Gupta, Mumbai-based chief investment officer who helps oversee more than $8 billion at Arthveda Capital. “A lot of money needs to come back to the market. I’m just not sure if it’s going to happen next week, next quarter or in a year. That’s the part that’s unclear.”