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Ace investor Madhusudan Kela and his family faced a sharp drawdown in their equity portfolio in the September quarter as several key bets lost ground amid a broader market correction. Public shareholding data indicates that the value of their listed holdings slipped to around Rs 2,494 crore, compared with Rs 4,073 crore at the end of June — a decline of nearly 39 per cent.

Kela, who is known for identifying early-stage growth stories and staying invested through cycles, made only limited portfolio changes during the period. The most notable move was a fresh position in Prataap Snacks, where he re-entered with close to 11 lakh shares valued at approximately Rs 115 crore. The addition, however, did little to offset the broader weakness across his existing holdings.

The slide in portfolio value was largely led by underperformance in several mid- and small-cap counters. Nazara Technologies corrected by about 22 per cent, while MK Ventures Capital and Windsor Machines fell nearly 18 per cent and 10 per cent, respectively. Indostar Capital Finance tumbled close to 31 per cent, adding to the overall drag.

The correction came against a volatile backdrop in equity markets, with investors turning risk-averse amid global uncertainty, geopolitical tensions and persistent foreign fund outflows. During the quarter, the Sensex declined about 4 per cent and the Nifty shed 3.6 per cent, while the BSE MidCap and SmallCap indices dropped 4.5 per cent and 4.2 per cent, respectively.

Despite the correction, the Kela family retained their core positions. Choice International continues to be the single largest holding, valued at roughly Rs 1,538 crore, followed by MK Ventures Capital at Rs 384 crore and Windsor Machines at about Rs 188 crore. Prataap Snacks and Nazara Technologies are valued near Rs 119 crore each, while Sangam Industries and Indostar Capital Finance stand at Rs 109 crore and Rs 83 crore, respectively.

A veteran of India’s capital markets, Kela founded MK Ventures in 2018 and also runs Invexa Capital, a portfolio management firm. Along with his wife Madhuri (Mahi) Madhusudan Kela, who co-manages the family’s investments, he continues to focus on high-conviction, growth-oriented businesses. Market watchers say the recent markdown may not alter the family’s long-term strategy, which has historically leaned on patient investing through cycles rather than short-term portfolio churn.

Senior Sub-editor at Zee Business English

shweta.shukla@India.com

Shweta Birendra Shukla is a journalist covering the stock market and corporate aff