Escalating tensions in the Iran war, a prolonged spell of foreign institutional investor selling and crude oil prices climbing above $110 a barrel have kept market sentiment under pressure. Rising oil prices have also intensified concerns around inflation and the possibility of higher-for-longer interest rates globally, leading investors to stay cautious amid increasing uncertainty in the broader macroeconomic environment.10 stocks that saw the sharpest decrease in retail shareholding in Q4.
HDFC Bank
HDFC Bank saw the steepest decline in retail holding value during the March 2026 quarter, with holdings falling by Rs 28,070 crore to Rs 96,305 crore from Rs 1,24,375 crore in December 2025. The stock price declined 26.20% during the period.
Reliance Industries
Reliance Industries witnessed a decline of Rs 18,985 crore in retail holding value over the quarter. Retail holdings stood at Rs 1,24,309 crore as of March 31, 2026, compared with Rs 1,43,294 crore at the end of December 2025, while the stock fell 14.42%.
ITC
ITC recorded a Rs 12,759 crore drop in retail holding value in the March quarter. Retail investors held Rs 43,038 crore worth of shares at the end of March 2026 against Rs 55,797 crore in the previous quarter, as the stock price declined 28.61%.
Larsen & Toubro
Larsen & Toubro saw retail holding value decline by Rs 12,387 crore quarter-on-quarter to Rs 90,227 crore from Rs 1,02,615 crore. The company’s stock price fell 14.19% during the same period.
Tata Consultancy Services
Tata Consultancy Services witnessed a Rs 11,811 crore decline in retail holding value in the March 2026 quarter. Retail holdings dropped to Rs 36,781 crore from Rs 48,592 crore, while the stock price corrected 26.43%.
Infosys
Infosys saw retail holding value fall by Rs 8,831 crore to Rs 35,090 crore as of March 31, 2026, compared with Rs 43,921 crore in December 2025. The stock declined 22.58% over the quarter.
Jio Financial Services
Jio Financial Services recorded a Rs 7,528 crore decline in retail holding value during the quarter. Retail investors held Rs 26,186 crore worth of shares at the end of March 2026 versus Rs 33,714 crore in the previous quarter, while the stock price dropped 24.02%.
Hindustan Unilever
Hindustan Unilever witnessed retail holding value decline by Rs 6,439 crore to Rs 46,869 crore from Rs 53,307 crore in the December quarter. The stock price declined 11.26% during the period.
Asian Paints
Asian Paints saw a Rs 6,070 crore reduction in retail holding value in the March quarter. Retail holdings stood at Rs 22,344 crore compared with Rs 28,414 crore three months earlier, while the stock fell 21.82%.
