Top Brokers Lose Lakhs of Clients in Q4 as Market Falls
Top Brokers: In the March 2025 quarter, big brokerage companies like Groww, Zerodha, Angel One, and Upstox saw a huge drop in their number of active investors. This happened as the Indian stock market went through a correction that started in early 2025.
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Groww Sees Biggest Drop
Groww, India’s largest online broker, lost 2.37 lakh active clients. The client count fell from 1.32 crore in December 2024 to 1.29 crore in March 2025.
Zerodha, Angel One, and Upstox Also Decline
- Zerodha lost 2.31 lakh clients, going down to 78.89 lakh.
- Angel One dropped 1.76 lakh users, ending at 75.78 lakh.
- Upstox saw a fall of 1.39 lakh, bringing their total to 27.47 lakh.
Overall Market Impact
According to NSE data, all brokers together lost more than 9.62 lakh active investors in Q4. The total count dropped from 5.02 crore in December 2024 to 4.92 crore in March 2025. Over 80% of this loss came from the four major brokers mentioned above.
Why Did Investors Pull Back?
Experts say investors became cautious because of several issues:
- Poor company profits
- Weak economy
- Less liquidity and delayed government spending
- Rising inflation
- Global problems like wars and trade issues
- This caused investors to trade less and avoid the stock market.
Stock Market Performance in Q4
- Sensex fell by 0.9%
- Nifty dropped 0.5%
- Mid and small cap stocks were hit harder:
- BSE MidCap fell 10.6%
- BSE SmallCap plunged 15.5%
Some Firms Gained Clients Despite the Trend
While major brokers lost clients, a few platforms grew:
- HDFC Securities added 1.05 lakh new users, reaching 15.25 lakh.
- INDmoney grew by 44,337 clients.
- Dhan App (Moneylicious) added 39,099 investors.
- PhonePe’s Share.Market platform gained 33,435 users.
Other small firms like TradeSmart, Yes Securities, Bajaj Financial, and Choice Broking also saw positive client growth.
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