India’s wealthy investors have built their largest-ever equity holdings, with market value surpassing Rs 9.9 lakh crore as rising share prices and changing ownership patterns reshape the landscape according to PRIME Database.
India’s wealthy investors have built their biggest-ever equity books, with the market value of their holdings in NSE-listed companies climbing to almost Rs 10 lakh crore by the end of June, according to PRIME Database. The rise of Rs 1.83 lakh crore in just three months took total HNI holdings to Rs 9.92 lakh crore, surpassing the previous peak of Rs 9.56 lakh crore seen in December 2025. Their share of listed-company value rose to 2.12% from 1.99%, the highest since March 2022.
The surge does not point to buying alone. While the rupee value of HNI holdings jumped sharply, their average ownership by volume slipped to 7.19% from 7.31%. That suggests a large part of the gain came from higher share prices and from money moving into more valuable companies, rather than from a broad-based increase in the number of shares held.
Among individual stocks, HDFC Bank emerged as the largest HNI holding by market value at Rs 28,972 crore, ahead of Reliance Industries at Rs 24,383 crore and Titan Company at Rs 23,744 crore. Infosys and Kotak Mahindra Bank followed, while BSE, JSW Steel, Suzlon Energy, Bajaj Finance and Vodafone Idea completed the top 10. Together, those holdings accounted for about Rs 1.68 lakh crore, or roughly 17% of total HNI equity value.
Infosys was the biggest purchase in the June quarter, even though its share price fell about 20%. HNIs bought shares worth roughly Rs 2,859 crore, increasing their stake by more than 2.44 crore shares, according to the data. They also added to Godrej Consumer Products, Torrent Pharmaceuticals, AU Small Finance Bank and Suzlon Energy. Suzlon was a notable case: HNIs added about Rs 977 crore of stock while the share price surged 49%, lifting the market value of their holding by Rs 4,364 crore to Rs 11,109 crore. HNIs also bought Swiggy despite an 8% drop in the stock.
On the selling side, Waaree Energies saw the largest net reduction in HNI interest, with estimated sales of Rs 2,031 crore. SG Mart, Wipro and BSE followed. In some cases, investors trimmed holdings even as prices rose sharply; Vodafone Idea is the clearest example, with HNIs reducing exposure despite a near-70% jump in the stock, which still pushed the market value of their remaining stake higher. Across the quarter, HNI participation also broadened: they held stakes in 2,284 NSE-listed companies, up from 2,200 in March, according to the report.
This shift is part of a wider change in the ownership of Indian equities. Domestic institutional investors, retail investors and HNIs together lifted their combined stake to a record 28.66% in the June quarter, while foreign institutional investors fell to a 14-year low of 15.88%, PRIME Database said. The pattern points to a market increasingly shaped by local capital, even as the biggest gains in wealth remain concentrated in a relatively small group of investors and stocks.
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