Significant declines in shareholder numbers were reported by Yes Bank, Tata Power, and Reliance Power for the September quarter.

Tata Power experienced the largest drop, losing over 64,000 shareholders, followed by Yes Bank with a reduction of 54,000, and Reliance Power, which saw a decline of more than 47,000.

On the other hand, Tata Steel showed strong growth in shareholder numbers, attracting nearly 800,000 new investors. Tata Motors also saw an increase of 700,000 shareholders, while Vodafone Idea gained 600,000. Other notable increases were recorded by Indian Railway Finance Corporation (IRFC) with 390,000 new shareholders, NHPC with 260,000, and Jio Financial Services, which added 55,000 investors.

Interestingly, none of India's largest firms by market value, including Reliance Industries, HDFC Bank, or Bharti Airtel, are among the top ten companies experiencing the most significant declines in shareholder numbers.