Late Rakesh Jhunjhunwala's Net Worth: How Market Volatility Has Affected Star Investor’s Stocks

The March 2025 quarter proved challenging for the Indian stock market, with benchmark indices dropping over 16% from record highs. The slide was triggered by fresh US tariffs announced by President Donald Trump and deepening global uncertainty. Even India’s top investors—often dubbed "superstars"—weren’t spared from the volatility.

Rare Enterprises bucks the trend

In a quarter marked by steep losses, Rare Enterprises—the firm managing the legacy portfolio of the late Rakesh Jhunjhunwala—stood out. Its portfolio value rose in Q4FY25, thanks largely to a Rs 14,953 crore investment in newly listed Inventurus Knowledge.

Also Read: Rekha Jhunjhunwala Adds New Stock To Her Portfolio; Buys Shares Worth Rs 13,934 Crore | Republic World

Top investors feel the pressure

Other marquee investors faced headwinds. For instance, Vijay Kedia saw significant declines, with two of his top holdings—Atul Auto and TAC Infosec, which together form over 30% of his portfolio—falling 16% and 30% respectively. Most other investors maintained their positions or made only minor tweaks.

Some go on the offensive

In contrast, Ashish Kacholia took a more aggressive route. In a bold reshuffle, he exited 10 stocks and added eight new ones—mostly recently listed small-cap companies. His approach mirrored that of Mukul Agrawal in the previous quarter. However, Agrawal adopted a more cautious stance this time, cutting holdings in 13 stocks while buying just one.

Chasing fresh IPOs despite high valuations

Interestingly, seven out of the 10 new buys made by top investors during the quarter were recent IPOs, despite their premium pricing. Of these, only Qualitek Labs managed to outperform the Nifty50. Nonetheless, these investments suggest a long-term growth focus, even in a shaky market.

Underperformers get the boot

Ten stocks were dropped from superstar portfolios during the quarter. Most had trailed the broader market. Mukul Agrawal exited Quick Heal Technologies, while other exits spanned the finance, transport, and software sectors. In some cases, even fundamentally strong firms were let go due to weak price action.

Long-term picks still deliver

Not all bets turned counterproductive. Neuland Labs remains a standout long-term holding for both Vijay Kedia and Mukul Agrawal. Kedia’s early entry in 2019 yielded stronger returns. Meanwhile, Akash Bhanshali’s Gujarat Fluorochemicals—accounting for 30% of his portfolio—has underperformed, but his overall net worth has nearly tripled over the past two years due to gains in other investments.

Promoter stake cuts signal broader shift

Promoters of several listed companies trimmed their stakes in Q4FY25. Notably, JB Chemicals’ promoters sold Rs 1,459 crore worth of shares, reducing their stake by 5.8%. In the public sector, the government reduced its holdings in PSU banks like UCO Bank and Central Bank of India, in a move to align with SEBI’s minimum public shareholding norms.