The fourth-quarter of the last financial year was painful for a number of high-net-worth investors, most of whom saw declines in their net worth during a quarter—with a few notable exceptions.
What Happened: Seven of India’s top 10 wealthiest individual investors experienced a decline in their wealth during the March quarter, despite the Nifty gaining 3% in this period, Economic Times reported, citing data from primeinfobase.com.
During the March quarter, the wealth of the Jhunjhunwala family in listed firms surpassed the ₹50,000 crore mark for the first time. As of March 31, around 17 individuals held portfolios worth over ₹1,000 crore.
Hemendra Kothari, a veteran investment banker, saw a 23% decrease in the value of his holdings during the March quarter, amounting to ₹7,656 crore. This decline was primarily attributed to a 29% drop in the shares of his top holding, Alkyl Amines. Kothari, along with his family members, holds about a 72% stake in the company as promoters.
Similarly, investors such as Akash Bhansali, Mukul Agrawal, Ashish Dhawan, Nemish Shah and Yusuffali Abdul Kader witnessed a 1%-3% decline in their wealth during the March quarter.
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Investor | Holdings Value (March 31, 2024) | Holdings Value (Dec 31, 2023) | % Change | Top Stock | Value of Top Stock Holding |
|---|---|---|---|---|---|
| Radhakishan Damani | ₹2,03,744 Cr | ₹1,86,088 Cr | 9.50% | Avenue Supermarts | ₹1,97,970 Cr |
| Jhunjhunwala & Family | ₹50,897 Cr | ₹49,816 Cr | 2.20% | Titan | ₹18,052 Cr |
| Hemendra Kothari | ₹7,656 Cr | ₹9,997 Cr | -23.40% | Alkyl Amines Chemicals | ₹5,779 Cr |
| Akash Bhanshali | ₹5,827 Cr | ₹5,945 Cr | -2.00% | Gujarat Fluorochemicals | ₹1,617 Cr |
| Mukul Agrawal | ₹4,911 Cr | ₹4,982 Cr | -1.40% | BSE | ₹503 Cr |
| Ashish Dhawan | ₹3,546 Cr | ₹3,658 Cr | -3.10% | Glenmark Pharma | ₹690 Cr |
| Nemish Shah | ₹2,820 Cr | ₹2,846 Cr | -0.90% | Lakshmi Machine Works | ₹1,665 Cr |
| Ashish Kacholia | ₹2,086 Cr | ₹2,050 Cr | 1.80% | PCBL | ₹185 Cr |
| Anil Kumar Goel | ₹1,788 Cr | ₹2,084 Cr | -14.20% | KRBL | ₹271 Cr |
| Yusuffali Abdul Kader | ₹1,749 Cr | ₹1,771 Cr | -1.20% | Federal Bank | ₹1,130 Cr |
| Tejas Trivedi | ₹1,584 Cr | ₹1,653 Cr | -4.20% | AstraZeneca Pharma | ₹931 Cr |
| Vishwas Ambalal Patel | ₹1,426 Cr | ₹910 Cr | 56.70% | Infibeam Avenues | ₹1,403 Cr |
| Vijay Kedia | ₹1,324 Cr | ₹1,303 Cr | 1.60% | Atul Auto | ₹276 Cr |
| Manish Jain | ₹1,237 Cr | ₹1,104 Cr | 12.00% | Linde India | ₹1,104 Cr |
| Sachin Bansal | ₹1,177 Cr | ₹1,060 Cr | 11.00% | SML Isuzu | ₹533 Cr |
| Anuj Sheth | ₹1,073 Cr | ₹873 Cr | 22.90% | Finolex Industries | ₹700 Cr |
| Dilip Kumar Lakhi | ₹1,035 Cr | ₹1,102 Cr | -6.10% | Religare Enterprises | ₹480 Cr |
Anil Kumar Goel, a value investor based in Chennai, saw a 14% decrease in his portfolio, mainly due to significant drops in the stock prices of Magadh Sugar and Avadh Sugar, which plummeted by more than 20%.
In contrast, DMart founder Radhakishan Damani witnessed a 9.5% increase in his wealth during the March quarter, reaching ₹2.04 lakh crore. The Jhunjhunwala family’s portfolio increased by 2% to ₹50,897 crore, with Titan shares constituting ₹18,000 crore of their holdings as of March 31, 2024.
Flipkart co-founder Sachin Bansal’s portfolio rose by 11% in the March quarter to ₹1,177 crore, with SML Isuzu, JK Tyres and Birla Corp being the top holdings.
However, in the fiscal year ending March 2024, except for Hemendra Kothari, all investors witnessed significant gains. Mukul Agarwal led with an 86% return, followed by Akash Bhansali with 61% and the Jhunjhunwala family with 57%.
These portfolios have been calculated based on their shareholding in listed companies, where they hold at least a 1% stake.
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