Rahul Bajaj group beats peers in Q4 marked by divergence

Shifting sands India's top business houses saw foreign and retail selloff, while domestic institutions doubled down on select bets.

- Mayur Bhalerao

As markets whipsawed from February's depths to March's resurgence, India's mightiest business empires faced a high-stakes showdown. While the Nifty 50 clawed back to close flat (by the fiscal year end), a Mint analysis of the leading business houses—Tata, Reliance, Adani, Rahul Bajaj, and Aditya Birla—with a fifth of India's market capitalization, unveiled a striking divergence: overseas and small investors retreated, while local institutional investors doubled down on select bets, hinting at long-term focus.