The recent escalation of tensions involving the United States, Israel, and Iran has begun to ripple through global financial markets, with Indian equities also feeling the pressure. The impact is now visible in the portfolios of several prominent Indian investors whose holdings have declined sharply amid the broader market correction. According to shareholding data compiled from Prime Database, portfolios of multiple well-known investors have fallen between 8 percent and 20 percent so far in 2026 as volatility increases across global asset classes.

The steepest declines have been recorded in the portfolios of Paresh Mohanlal Parekh and Hemendra Kothari. As of March 10, Parekh’s portfolio value had dropped roughly 20 percent, while Kothari’s holdings declined around 18 percent. The reversal is notable considering that Parekh had seen his portfolio rise by about 15 percent during the December quarter of 2025, highlighting how quickly market conditions have shifted since the start of the year. Kothari’s portfolio, which had already declined by around 14 percent in the December quarter, has continued to face pressure as the current correction deepens.

Other prominent investors have also reported sizable drawdowns. Madhusudan Kela’s portfolio has declined approximately 17 percent to about ₹1,736 crore from ₹2,084 crore at the end of December 2025. Similarly, Mukul Agrawal’s holdings have fallen about 16 percent to roughly ₹5,268 crore compared with ₹6,249 crore previously. These calculations are based on publicly available shareholding disclosures for companies where these investors hold stakes exceeding 1 percent, according to data referenced from Prime Database available through https://www.primedatabase.com.

The correction has extended to several other well-known market participants. The portfolios of Ashish Kacholia and Ashish Dhawan have fallen around 15 percent and 13 percent respectively during the same period. Notably, Kacholia had recorded portfolio gains of about 8 percent in the December quarter, while Dhawan had already experienced a decline of around 19 percent in that period, suggesting that volatility has persisted across multiple quarters.

Among other investors tracked in the data, Vijay Kedia’s portfolio has declined more than 10 percent during the ongoing correction linked to the Iran conflict, compared with a 7 percent fall during the previous quarter. Ajay Upadhyaya’s portfolio has dropped about 8.2 percent compared with a 4 percent decline earlier.

Interestingly, the correction has not been uniform across all prominent investors. A small number of portfolios have managed to post marginal gains despite the broader market weakness. Radhakishan Damani’s portfolio has risen roughly 4 percent so far in 2026, while Yusuffalli Musaliam Abdul Kader has recorded an increase of around 2 percent. These gains come after contrasting performances in the December quarter, when Damani’s portfolio had declined about 16 percent while Kader’s holdings had surged roughly 33 percent.

The broader trigger for the recent market volatility lies in the escalating geopolitical conflict involving the United States, Israel, and Iran. The confrontation has disrupted sentiment across global markets and pushed crude oil prices sharply higher in recent weeks. Brent crude briefly surged above $110 per barrel on March 9 and touched levels close to $120, marking the highest levels since 2022 before moderating to around $91.7 per barrel the following day. Market participants are closely monitoring developments reported through global energy and geopolitical trackers such as https://www.eia.gov and https://www.iea.org.