Iran war hits India's star investors: Ashish Kacholia, Mukul Agrawal, others see 90% of their stocks lose in 2026

Geopolitical tensions stemming from the Iran conflict led to a broad market sell-off in India during the March quarter. Star investors such as Ashish Kacholia and Mukul Agrawal witnessed most of their stock holdings decline, with many suffering losses over 90%. This market correction underscored the significant vulnerability of mid- and small-cap stocks to global uncertainty, impacting major investment portfolios severely.

The Indian stock market experienced a severe downturn in the March quarter, primarily driven by heightened geopolitical tensions originating from the Iran conflict. This global instability precipitated a widespread market sell-off, significantly eroding the portfolios of some of India's most prominent investors, including Ashish Kacholia and Mukul Agrawal. A substantial portion of their stock holdings suffered considerable depreciation, with many individual stocks registering losses upwards of 90% of their value. This market correction served as a stark reminder of the inherent risks associated with mid- and small-cap segments during periods of international uncertainty. These stocks, often more susceptible to external shocks due to their relatively smaller market capitalization and liquidity, bore the brunt of the sell-off. The event highlighted how deeply intertwined global political developments are with local financial markets, particularly in emerging economies like India. The losses sustained by these high-profile investors underscored the pervasive impact of such conflicts, demonstrating that even seasoned market participants are not immune to broad-based economic disruptions caused by geopolitical events.