New Delhi, Feb. 13 -- Speciality chemical stocks have faced significant challenges over the past few years, with many delivering negative returns.

There's no single reason Indian speciality chemical stocks have not delivered strong returns, but a mix of sector-specific, macroeconomic and market dynamics explains the underperformance seen in many names.

In certain instances, global demand has been subdued, and in others, reduced end-market consumption has resulted in destocking, weaker offtake, and challenges for producers in terms of sales and margins.

Here we examine three best speciality chemical stocks that have failed to deliver any returns over the past three years, despite capital expenditure investments.

Aarti Industries specia...