'The real money is with Gujjus': Zerodha's Nithin Kamath on Ahmedabad, Mumbai dominating trades

Zerodha co-founder and CEO Nithin Kamath recently shared his analysis of stock market data and revealed that Mumbai and Ahmedabad account for 80 percent of the equity delivery trade. He attributed the high numbers to Gujarati traders in both the cities.

"Ahmedabad and Mumbai account for 80 percent of equity delivery trades. Let that sink in," Kamath wrote on X. "Essentially, the real money is with Gujjus."

He also highlighted that Gujarat accounts for just 8 percent of the total registered investors, and the share has been falling.

According to the details shared by the head of the online brokerage firm, Mumbai contributed 64.28 percent to the equity trade deliveries in November 2024, while Ahmedabad made up 17.53 percent of equity delivery trades in the same period.

This, however, is not the first time that Kamath shone the spotlight on Gujarat's contribution to the stock market. Last September, he praised the state for accounting for about 40 percent of the participation in initial public offerings (IPOs) -- the highest by any state.