Bears Bite Zerodha: Seeing Degrowth For The First Time In 15 Years, Says CEO Kamath - Related to years,, says, tata, crash, all-time

Bears Bite Zerodha: Seeing Degrowth For The First Time In 15 Years, Says CEO Kamath

The Indian equities markets, in tandem with the global markets, crashed on Friday (February 28) after US President Donald Trump doubled down on his tariff war agenda.

He feels that if the correction continues, the Indian government is likely to see a 50% decline in its Securities Transaction Tax (STT) for FY26 from INR 80K Cr to INR 40K Cr.

Kamath showcased that the markets are “finally correcting”, which has resulted in the broking industry seeing a “massive drop” in terms of trades and volume.

Amid the bloodbath in the Indian equities market, Zerodha founder and. CEO Nithin Kamath stated that the brokerage is seeing a degrowth in its business for the first time in 15 years.

In a post on X, Kamath showcased, “Across brokers, there’s a more than 30% drop in activity. Combined with the true-to-market circular, we are seeing degrowth in the business for the first time since we started 15 years ago.”.

Kamath expressed that the markets are “finally correcting”, which has resulted in the broking industry seeing a “massive drop” in terms of trades and. Volume.

It is pertinent to note that the benchmark index Nifty 50 has slumped about 15% from its September peak.

Kamath also opined that the decline in trading volumes displays the shallowness of the Indian markets. “The activity is more or less among those 1-2 Cr Indians,” he added.

He feels that if the correction continues. The Indian government is likely to see a 50% decline in its Securities Transaction Tax (STT) for FY26 from INR 80K Cr to INR 40K Cr. To be clear, the STT is a tax on buying and selling stocks and. Other securities on Indian stock exchanges.

The Union Budget 2025-26 has estimated a revenue of INR 78,000 Cr from STT for the year. In the ongoing financial year, the government has collected over INR 44,500 Cr from STT.

The Indian equities markets, in tandem with the global markets. Crashed on Friday (February 28) after US President Donald Trump doubled down on his tariff war agenda. While Sensex fell to 73,, Nifty 50 closed lower at 22,.

On Thursday (February 27), Trump unveiled that the imposition of 25% duties on imports from Canada and. Mexico to the US will go into effect on March 4. Meanwhile, goods from China to the US will be subject to an additional 10% duty. Earlier in the week, he also promised 25% tariffs on shipments from the European Union.

Besides the tariff war, weak earnings and. A selling spree of foreign institutional investors (FIIs) have hit the Indian equities market hard.

Amid this, new-age tech stocks are also facing the music. Last week, 13 of the 32 new-age tech stocks under Inc42’s coverage, including Swiggy, Ola Electric, FirstCry, and MobiKwik, touched fresh lows. The trend continued this week as well.

Experts have warned that the market correction may last for the whole year as well. “If the data set is bad, then a leg of pricewise correction is expected,” Manish Jain, chief strategy officer of institution business at Mirae Asset Capital Markets, stated.

Meanwhile. This is not the first time when Kamath has shared a bearish outlook about Zerodha and the broking industry. At the beginning of the year, he mentioned that while 2024 was arguably the best year for the brokerage industry. The moment could soon be ending. He cited regulatory changes, including true-to-label norms and new derivatives framework among the reasons for this.

On the financial front, Zerodha, which competes with the likes of Groww, Dhan, Angel One, among others. Posted a profit of INR 5, Cr on an operating revenue of INR 9, Cr in FY24.

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EV Car Sales In India Doubled In 2024; Tata Motors Leads The Market

A whopping 60% of all EVs registered in 2024 were two-wheelers, with a total of Lakh fresh units entering the vehicle registry in the year.

Among the three segments, E4W or electric cars saw the highest growth in adoption in 2024, with Tata Motors being the biggest OEM by registrations.

’s India’s Electric Vehicle Startup Landscape analysis, 2025. In the last five years, the number of registered EVs across segments has increased 10-fold.

The adoption of electric vehicles (EV) has taken a huge leap in the country. In 2024, close to 2 Mn EVs were registered across segments — two wheeler (E2W), three wheeler (E3W) and four wheeler (E4W) — marking an almost 29% increase from the previous year.

’s India’s Electric Vehicle Startup Landscape analysis, 2025. In the last five years, the number of registered EVs across segments has increased 10-fold. When did the pace pick up?

EV adoption saw a steep rise after 2022. That year, sales of EVs in India more than doubled to Mn from 300K in 2021. The following year, the adoption of EV continued to soar with almost 50% year-on-year (YoY) growth in 2023, on the back of subsidies for early adopters.

This is how the number of annual EV registrations shot up to Mn in 2024 from 164K in 2019.

Two-wheelers took the early lead among EVs, but. Electric cars are fast catching up, with a host of new models expected to hit the market in 2025. But before we look at the year ahead, let’s see how each category performed in 2024.

Among the three segments. E4W or electric cars saw the highest growth in adoption in 2024. Between 2018 and 2023, there were about Lakh registered 4-wheeler EVs in the country. Interestingly, last year alone, India added Lakh in this segment, outpacing the total of the past six years.

On a YoY basis. The number of electric four-wheelers registered more than doubled from 73K in 2023.

Automobile conglomerate Tata Motors carried the torch for the Indian electric car market. , around 55K units manufactured by Tata Motors were registered in 2024. Next in line was Toyota with close to 48K units registered in the national vehicle registry. China-based MG Motor was third on the list with 21K units sold.

But 2024 was also the year for new launches. Which signals a broad optimism in the automobile industry for electric cards. Tata came up with its launch of Punch EV and Curvv while Mahindra also unveiled three four wheelers EVs including Mahindra XEV 9e, BE6e and the updated XUV 400.

MG Motors came up with its launch of EV9 and Chinese EV maker BYD also penetrated the Indian market with its BYD Seal.

With these flurry of new launches. Indian consumers have a plethora of options and the market has also seen competitive pricing making EVs more affordable for people.

The coming year is expected to get more spicy for this sector as global EV giant Tesla is set to enter the world’s third largest automotive market. To compete with the local players, it has planned to launch its tailored made model which would cost around INR 25 Lakh, competing directly with the existing models in the market.

Interestingly, Vietnamese EV maker VinFast is also set to launch its EVs in India, and. Has set up a factory in Tamil Nadu with an initial investment of $500 M.

Even though electric four-wheelers saw the highest growth in the number of registrations last year, the two-wheeler segment was still king. A whopping 60% of all EVs registered in 2024 were two-wheelers, with a total of Lakh fresh units entering the vehicle registry in the year.

On a YoY basis, the number of electric two-wheelers registered grew 33% from Lakh in 2023.

Despite umpteen customer complaints and. Cutbacks, Bhavish Aggarwal-led Ola Electric stayed on top of the charts with more than 4 lakh units registered in Vahan. Close on Ola’s heels was legacy brand TVS, taking the second spot with more than 2 Lakh units registered, while IPO-bound Ather Energy was in third place with Lakh units.

With Ola set to launch its motorcycles this year, and. Legacy players like Honda set to enter the E2W space this year, the segment is set to get more competitive. Not to mention the rise in registration for newer EV players such as River, PureEV, Oben and others, which could revitalise the competitive intensity even across price segments.

Three-Wheeler Market exhibits Growth Shoots.

Given the long tail of electric three-wheeler makers in India. This segment is easily the most competitive among all three EV categories. Adoption in the three-wheeler segment — passenger and commercial rickshaws — increased by a marginal on a YoY basis in 2024 with Lakh units sold.

On a YoY basis, the number of electric three-wheelers registered grew 67% from Lakh in 2023.

Though homegrown automotive giant Mahindra emerged as the market leader in this space last year with more than 66K units registered, other rivals such as Bajaj Auto and Piaggio were not far behind — with 41,906 and. 21,775 units registered in Vahan respectively.

With legacy players taking the lead in this segment, new-age startups like Euler are far behind with just 3,523 sold in 2024. However, it must be noted that given the commercial nature of electric three-wheeler registrations, a lot of delivery companies have also jumped on to the bandwagon.

Even though EV sales slowed down in the year compared to the growth rate of 2023, one could say that the EV market matured in 2024, especially when it comes to the electric cars and four-wheeler segment.

Government support and. Subsidies were shown to be key factors in catalysing EV sales in 2023, and a reduction in subsidies directly resulted in some slowdown last year. However, more and more companies are launching improved products, which has added to the consumer confidence in EVs.

In October 2024, the PM E-DRIVE scheme was introduced by the government with a total outlay of INR 10,900 Cr, largely focussing on EV infrastructure creation and widening the ecosystem to cover more vehicles.

“The proliferation of EV startups in India has created a crowded market. Making it challenging for new entrants to differentiate themselves and attract investments. High production costs, supply chain disruptions, and intense competition have led investors to exercise caution as profitability looks like a distant future,” Brijesh Damodaran, cofounder and chief investment officer at Auxano Capital, told Inc42 earlier.

With funding in EV startups decelerating nearly 31% to $624 Mn in 2024, government support is increasingly being seen as a key anchor for the industry particularly in driving adoption of EVs for official use .

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MobiKwik Shares Extend Losses For 6th Day, Crash To Fresh All-Time Low

However, the stock has since declined sharply, mirroring the broader correction in Indian markets.

The stock is down from its 52-week high of INR , recorded on December 26 last year, based on its previous closing price.

Extending its five-day losing streak, MobiKwik’s shares fell to INR apiece during the early trading on the BSE today (February 28), marking a fresh all-time low.

Even at 11:25 AM, the stock remained lower at INR , compared to its previous close of INR .

At this point, the enterprise’s market capitalisation currently stands at INR 2. Cr, with a trading volume of lakh shares.

The stock is down from its 52-week high of INR , recorded on December 26 last year, based on its previous closing price. Over the past five days, it has corrected by , while in the last month, it has declined by 35% at the current market price.

MobiKwik’s shares debuted with a strong 59% premium on December 18, 2024, at INR . Reflecting investor confidence as the enterprise achieved its first full-year profitability in FY24 before listing.

However, the stock has since declined sharply, mirroring the broader correction in Indian markets. With a drop year-to-date, it has far surpassed the Sensex which has slumped in the same period.

Its listed fintech counterpart, Paytm, has also corrected by YTD, but. This decline is nearly half that of MobiKwik.

On the financial front, MobiKwik slipped into the red in Q3 FY25, impacted by lower financial services revenue and higher lending-related costs. The enterprise reported a consolidated net loss of INR Cr, compared to a profit of INR Cr in the year-ago quarter. Sequentially, its net loss surged multifold from INR Cr in the previous quarter.

Despite this. MobiKwik’s operating revenue grew 18% year-on-year to INR Cr in Q3 FY25 from INR Cr in the same period last year. However, sequentially, revenue declined by 7% from INR Cr in the preceding quarter.

Among recent business developments. MobiKwik acquired an additional stake in B2B banking infrastructure enterprise Blostem Fintech Private Limited. Earlier this month, it also received approval from its board to incorporate and invest in one or more wholly-owned subsidiaries as it explores new avenues to expand its business.

It has already received has already obtained the necessary licence from the Insurance Regulatory and Development Authority of India (IRDAI) to venture into the insurance distributor space.

Previously. MobikWik cofounders Upasana Taku and Bipin Preet Singh also outlined that the business is eyeing an entry into new fintech verticals this year.

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