Gujarati Traders Lead India Equity Markets: Mumbai and Ahmedabad Dominate Equity Delivery

Zerodha Co-founder and CEO Nithin Kamath recently highlighted fascinating data on India’s stock market trends, emphasizing the dominance of Mumbai and Ahmedabad in equity delivery trades. According to Kamath, these two cities collectively contribute a staggering 80% to equity delivery trades, underlining their critical influence on the market.
In a post on social media platform X (formerly Twitter) dated January 6, Kamath remarked, “Ahmedabad and Mumbai account for 80% of equity delivery trades. Let that sink in. Essentially, the real money is with Gujjus.” This lighthearted comment underscores the substantial role of the Gujarati community, historically known for its entrepreneurial spirit and sharp acumen in trade and finance.
Mumbai and Ahmedabad’s Dominance
Kamath’s analysis revealed that Mumbai contributed a remarkable 64.28% to equity delivery trades in November 2024, while Ahmedabad accounted for 17.53% during the same period. This data reinforces the financial clout of these cities, with Gujaratis playing a pivotal role in shaping market trends.
Kamath has previously lauded Gujarat’s participation in the stock market, particularly in Initial Public Offerings (IPOs). In September, he shared that Gujarat, despite comprising only 9% of the total investor base, accounted for an impressive 40% of IPO participation across retail and high-net-worth individual (HNI) categories.
A Paradox in Investor Base
While Gujarat’s contribution to trades and IPOs remains noteworthy, Kamath pointed out an intriguing paradox: the state’s share of registered investors has been declining over the years. In the financial year 2024-25, Gujarat’s registered investor base dropped to 9%, compared to 12% in FY 2019-20, 11% in FY 2014-15, and 13% in FY 2009-10.
Maharashtra, which leads in registered investors, has also seen a decline, with the share falling to 17% in FY 2024-25 from 19% in FY 2019-20 and 20% in earlier years.
Social Media Reactions
Kamath’s insights sparked discussions online, with many celebrating the Gujarati community’s financial prowess. Cred founder Kunal Shah quoted the famous line from Scam 1992, saying, “Risk hai to Ishq hai,” to praise Gujaratis’ willingness to take calculated risks in the market.
Shveta, founder of TrustScore, noted, “Investments require a blend of patience and substantial resources, and when it comes to these qualities, the Gujarati community shines brighter than most in India. Their strategic approach has allowed them to navigate the complexities of investing with skill and perseverance.”
A Legacy of Strategic Investing
The data shared by Kamath underscores the Gujarati community’s continued influence in India’s financial ecosystem. Despite a decline in the registered investor base, their dominance in equity trades and IPO participation showcases a legacy of calculated, strategic investment practices that continues to inspire market participants nationwide.