Many companies which seem well placed in terms of business momentum like db corp, jagran, alembic, shilpa, avanti, allsec etc have also corrected and probably have become reasonably valued as compared to earlier levels.
I think the key thing during these times is to have a clear idea about what you want to keep holding in your portfolio. Whether there is anything you want to replace and with what.
The current fall is peculiar bcos its almost certain that some companies will be definitely impacted for 1-2 or may be 3 quarters and after that there could be tremendous rebound demand in their products as the situation limps back to normal. Most of these companies include the autos esp two wheelers, FMCG, consumer cos, just to name a few.
If the govt suceeds in reducing black money hoarding and transactions, then I see tremendous scope for some niche NBFCs catering to consumer segment and other segments where earlier purchasing by black money was predominant.