I have a doubt a stock can have a beta close to 1 and still go down much in that year

Yes, a stock with a beta close to 1 can still experience significant declines in value, even if its performance is supposed to be in line with the broader market. The beta value measures the correlation and volatility of a stock's returns relative to the market, but it does not guarantee that the stock's performance will be identical to the market's.

1. **Understanding Beta**: Beta is a measure of a stock's volatility or systematic risk in relation to the market. A beta of 1 indicates that the stock's price is expected to move with the market. A beta less than 1 suggests the stock is less volatile than the market, while a beta greater than 1 indicates it is more volatile.
2. **Market Movements and Individual Stock Performance**: When the market moves, each stock reacts differently based on its beta. For instance, if the market goes up by 10%, a stock with a beta of 1.5 is expected to increase by 15% (1.5 times the market's return). Conversely, if the market drops, a stock with a high beta will fall more than the market.
3. **Significance of Beta in Volatility**: A beta close to 1 does not mean the stock's performance will be identical to the market. It only indicates that the stock's price tends to move with the market. If the market experiences a downturn, a stock with a beta close to 1 could still fall more than the market due to its own specific factors, industry trends, or company-specific news.
4. **Example of Significant Decline**: For example, during a market downturn, a stock with a beta of 0.8 (considered relatively stable) could still experience a larger decline than expected due to factors like poor financial performance, negative industry trends, or broader economic issues that affect the company more severely than the market.

In conclusion, while beta provides insights into a stock's volatility and correlation with the market, it does not guarantee a specific range of performance. Other factors, including the stock's fundamentals, industry conditions, and market events, can significantly influence its performance, even if its beta is close to 1.