Retail investor numbers dropped sharply in several Indian companies from September 30 to December 31, 2025. Ten firms saw the steepest falls in retail shareholders during this period. BSE Ltd experienced the largest dip, losing 2.33 lakh retail shareholders, from 12.57 lakh to 10.24 lakh. Reliance Industries Ltd followed with a decline of 1.86 lakh shareholders, down to 40.47 lakh from 42.34 lakh. NTPC Ltd’s retail base shrank by 1.81 lakh, falling to 34.50 lakh. IDFC First Bank Ltd saw a reduction of 1.74 lakh retail investors, going down to 27.93 lakh. Bharat Heavy Electricals Ltd lost 1.69 lakh, recording 17.55 lakh shareholders. Tata Power Co Ltd reported a drop of 1.58 lakh to 41.78 lakh retail shareholders. Indian Oil Corp Ltd’s retail participation fell by 1.58 lakh, ending at 27.62 lakh. Yes Bank Ltd saw a decline of 1.52 lakh shareholders, totaling 60.14 lakh. Indian Railway Finance Corp Ltd dropped by 1.48 lakh to 51.23 lakh. Tata Steel Ltd closed the list with 1.46 lakh fewer retail shareholders, down to 52.81 lakh. This trend points to a noticeable withdraw of individual investors across key Indian companies during the last quarter of 2025. Disclaimer: Views and opinions expressed by experts in the original reports do not represent those of The Economic Times.