How Top Investors Like Vijay Kedia, Ashish Kacholia, and Sachin Bansal Navigated the Stock Market Crash

The ongoing selloff in the Indian stock market has not spared even the most seasoned investors. Some of Dalal Street’s top players, often referred to as "Big Bulls," have seen their portfolios take a significant hit—falling by as much as 30% since the end of the September quarter and up to 25% since December.

The market downturn has resulted in the collective loss of nearly ₹69,000 crore among the 22 largest investors. Both the BSE Sensex and NSE Nifty have fallen 13% from their all-time highs. The impact has been even more severe in mid-cap and small-cap stocks, which have seen declines of over 20% from their peaks.

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Biggest Declines

Among those hit hardest is veteran investor and Avenue Supermarts promoter Radhakishan Damani, whose portfolio has seen a steep decline of 28% since October 1. This translates into a staggering loss of ₹63,839 crore. His largest holding, Avenue Supermarts, has tumbled 28% in the past six months, while Trent, his second-biggest investment, has fallen by 25%. However, despite the overall downward trend, his portfolio remains in the green for 2024.

Similarly, Vijay Kedia has suffered a 30.5% decline in his portfolio value, amounting to a loss of ₹505 crore. His top two holdings—Atul Auto and Tejas Networks—have dropped between 30-37% in the last six months.

Other prominent investors who have faced significant losses include:

• Akash Bhansali, whose portfolio has shrunk by 16% since October 1.
• Investment banker-turned-entrepreneur Hemendra Kothari, who has seen a 29% decline in his wealth.
• Ashish Dhawan and Nemish Shah, whose portfolios have fallen between 19-22%.
   

Meanwhile, Ashish Kacholia and Mukul Agarwal have managed to contain their losses to 6% since October, but their declines have accelerated in 2024, increasing their losses to nearly 15% as the broader market downturn deepened.

Perhaps one of the most significant casualties is Flipkart co-founder and Navi CEO Sachin Bansal, whose portfolio has plunged by 32%, making him one of the worst-affected investors in this market rout.

Factors Behind the Market Decline

Several factors have contributed to the ongoing market selloff. Rising interest rates, global economic uncertainties, and a cautious approach by foreign institutional investors (FIIs) have led to a liquidity crunch in Indian equities. Additionally, fears of a potential economic slowdown and regulatory concerns surrounding mid-cap and small-cap stocks have triggered panic selling.

Another critical factor has been the shift of investor sentiment towards safer asset classes, such as bonds and gold, leading to a decrease in risk appetite for equities. The market volatility has particularly impacted high-growth stocks, with investors preferring defensive sectors such as pharmaceuticals and FMCG during uncertain times.

Market Winners Amid the Chaos

Despite the widespread downturn, some investors have managed to weather the storm and even register gains. The Jhunjhunwala family, along with investors Manish Jain and Sanjiv Shah, have managed to buck the weak market trend, witnessing a 6-33% rise in their wealth since October 1.

A major reason for the Jhunjhunwala family's portfolio gains has been the successful listing of Inventurus Knowledge Solutions, in which they hold a 49.54% stake, now valued at ₹14,400 crore. Their diversified portfolio and long-term investment strategy have helped them navigate market volatility better than most.

Looking Ahead: Is a Market Rebound Possible?

While the ongoing selloff has wiped out significant wealth, some analysts believe that a market recovery could be on the horizon. With the Indian economy still projected to grow at a steady pace, long-term investors may find opportunities to buy quality stocks at lower valuations. Additionally, any signs of global economic stability or favorable policy changes from the Reserve Bank of India (RBI) could provide much-needed relief to the markets.

However, short-term volatility is expected to persist as investors remain cautious amid global uncertainties. Experts advise focusing on fundamentally strong companies with solid earnings potential to navigate these challenging times.