Wealthy individual investors experienced notable erosion in portfolio value during the March quarter, with declines ranging from 5 to 35 percent compared to the December quarter, driven by the broader market correction in India.
According to Moneycontrol Research, the portfolios of prominent investors Mukul Agrawal, Ashish Dhawan, Akash Bhansali and Sunil Singhania declined by 8 to 15 percent, in line with the overall market weakness. The late Rakesh Jhunjhunwala’s portfolio also saw a drop of approximately 6.6 percent, with the total value reducing from Rs 68,180 crore to Rs 57,620 crore during the quarter.
Indian markets experienced significant volatility during Q4, with the benchmark Sensex and Nifty declining by 0.9 percent and 0.5 percent, respectively. The broader indices, BSE MidCap and SmallCap, fell by over 10.6 percent and 15.5 percent, respectively. During the quarter, foreign investors offloaded more than Rs 1.18 lakh crore, while domestic institutional investors purchased equities worth over Rs 1.86 lakh crore
Mukul Agrawal’s portfolio declined by around 7 percent, with visible stake reductions in six companies, including Vasa Denticity, OneSource Specialty Pharma, West Coast Paper, BSE, Prakash Pipes, and Pearl Global. His name also vanished from the shareholder lists of six other firms — Allcargo Logistics, Ceat, Dredging Corporation, Sarda Energy & Minerals, Quick Heal Technologies, and Ethos — though it remains unclear whether these were full exits or stake drops below the 1 percent disclosure threshold. Meanwhile, he added two new names to his portfolio: Jagsonpal Pharmaceuticals and Sahasra Electronic Solutions.
Akash Bhansali’s portfolio contracted by over 11.5 percent. He trimmed his holdings in Welspun Corp, Sudarshan Chemical, and Pan Electronics, and exited completely from Saraswati Commercial and Inox Wind Energy.
Ashish Dhawan witnessed a portfolio decline of over 8 percent. He increased his stakes in three existing holdings, reduced positions in two, and fully exited RPSG Ventures during the quarter. Ashish Kacholia experienced a sharp 21 percent decline in his portfolio. He introduced eight new stocks, increased stakes in three existing ones, and partially reduced his holdings in seven.
Sunil Singhania saw his portfolio decline by over 15 percent, with reductions in his holdings across five stocks — Mastek, Shriram Pistons, The Anup Engineering, Ethos, and Sarda Energy & Minerals. His name also completely disappeared from the shareholder lists of two companies — BirlaNu and Uniparts. Meanwhile, he added a new stock, Denta Water and Infra, to his portfolio.
Contrary to the broader trend, a few investors recorded gains. Radhakishan Damani’s portfolio rose by 13 percent during the March quarter, driven by a recovery in Avenue Supermarts, which surged over 14 percent after a sharp correction of over 30 percent in the previous quarter.
Veteran investor Madhusudan Kela posted a 22 percent rise in portfolio value, which increased from Rs 2,310 crore to Rs 2,810 crore. His holdings now span 17 companies, with three new additions — Windsor Machines, SG Finserve, and Prataap Snacks. He also increased positions in Indostar Capital and Kopran, while trimming stakes in IRIS Business, Niyogin Fintech, and Choice International.
Nemish S Shah’s portfolio surged by 29 percent, rising from Rs 2,190 crore to Rs 2,830 crore. He currently holds six stocks and added one new name, Asahi Glass, during the quarter.
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