Not long ago, emerging markets were seen as economic stars, thriving in the face of recession in the developed world.
But now, the BRIC nations are threatened by high debt, inflation and political upheaval—and experts say those risks could negatively affect the bottom line of some multinationals.
In addition, rapid depreciation in emerging market currencies makes multinationals' products and services less competitive with those of local businesses.
So which companies could get hit?
(Read more: Just what can save emerging markets?)
American Tower, Cummins, Mosaic and Peabody Energy, do business in India, touted as a hot developing market until fairly recently and now dealing with galloping inflation and a widening current account deficit.
And, last, China. Though many companies do business there, Advanced Micro Devices, Yum Brands and Wynn Resorts generate more than half of their annual revenues in the country, according to Thomson Reuters.
While China is the fastest-growing emerging market, it is dealing with a potential credit crunch and a housing bubble.
The basket of stocks (not all listed above) that have exposure to emerging markets are underperforming the S&P 500 on a three-month basis.
(Related video: Emerging markets indicating rates?)
Richard Madigan, chief investment officer of JPMorgan's private bank, told CNBC's "Power Lunch" that such companies could be a huge buying opportunity.
"If you watch currencies fall 10, 15, 20 percent and are looking at strategic investment that you were planning to build up manufacturing domestically over the next two to three years, you're actually going to increase that investment today because you just got a haircut of 20 percent," Madigan said.
While investors may argue over the fate of emerging market stocks, they agree on one thing: Expect further volatility to continue as these countries assess what type of structural reform is needed to solve their problems.
—By CNBC's Seema Mody. Follow her on Twitter: