For years, Reliance Industries held the crown for having the most shareholders in India. With over 3.2 million shareholders, the company famously shifted its Annual General Meetings (AGMs) from halls to stadiums to accommodate the sheer number of retail investors. However, as of June 2025, the title has shifted to a new industry giant: Tata Motors.
Tata Motors – A New Record Holder
Tata Motors, previously known as TELCO (Tata Engineering and Locomotive Company), has surged to the top of the list with a staggering 6.7 million shareholders. This figure represents a 3.4x growth since 2020 and an extraordinary 15x jump compared to 2015, when it had just 400,000 shareholders. A leading research group in India compiled this data and reflects the growing penetration of retail investors in the stock market.
Yes Bank – A Surprising Second
In a surprising turn, Yes Bank ranks second with 5.63 million shareholders. While the bank has struggled in recent years due to a major financial scandal, its stock remains heavily traded. The current shareholder count is nearly double that of 2020 and three times more than 10 years ago, when the bank had around 1.8 million shareholders. Despite its recent struggles, investors seem to be banking on a turnaround story.
Vodafone Idea – High Risk, High Hope
Vodafone Idea (Vi), a telecom player battling deep financial troubles and existential questions, sits third on the list with 6.18 million shareholders. This marks a 6.5x jump since 2020 and an astonishing 27x increase from 2015, when it had only 230,000 shareholders. Despite uncertainty around the company’s future, retail investors continue to flock to its low-priced stock, betting on a potential turnaround.
Tata Steel – Trust in Legacy
With a rich legacy and a strong brand name, Tata Steel comes next with 5.82 million shareholders as of June 2025. This represents a 6x increase over the past five years. The company continues to command trust from investors due to its long-term stability and performance.
Why Are Shareholder Numbers Growing?
There are several key reasons for the surge in shareholder numbers across these companies:
Retail Investor Boom: The past five years have seen a massive influx of retail investors into Indian stock markets.
Low Share Prices: Companies like Yes Bank and Vodafone Idea attract investors due to their low nominal share prices, even if the valuation may not reflect true value.
Hope and Turnaround Stories: Many investors are driven by the hope that these struggling firms might stage a miraculous turnaround and deliver multibagger returns.
High Liquidity: A high shareholder count also translates into greater liquidity. This gives confidence to small investors that they can enter and exit positions easily, even if they have to compromise slightly on price.
Historical Comparison: 2015 vs 2020 vs 2025
Back in 2015, Reliance Power topped the list of shareholders, followed by Reliance Industries and Tata Motors. Yes Bank was also on the list with around 180,000 shareholders.
By 2020, Reliance Power still led, followed by Reliance Industries and Tata Steel. At that point, SBI had 1.3 million shareholders and Tata Steel had 1 million.
In 2025, the leaders have shifted significantly. Tata Motors has overtaken all, followed by Yes Bank, Vodafone Idea, Tata Steel, and then others such as:
Suzlon Energy
Tata Power
Reliance Industries
Reliance Power
NTPC
NHPC
Some previous stalwarts like ITC, HDFC Bank, L&T, ICICI Bank, and Infosys have slipped off the top rankings by shareholder count, even though they remain strong performers fundamentally.
What’s Driving the “Cheap Stocks” Phenomenon?
Many retail investors are attracted to stocks that trade at low absolute prices. For example, a stock trading at ₹15 might seem more attractive than one trading at ₹1,500—even if the latter is fundamentally stronger. This psychological pricing bias leads to large shareholder bases in lower-priced stocks such as Vodafone Idea and Yes Bank.
Experts caution that a low share price doesn’t always mean a stock is “cheap” in terms of valuation. Many investors buy in hopes of quick gains or major turnarounds rather than deep fundamental analysis.
Where Is Reliance Today?
Despite no longer being at the top, Reliance Industries still features prominently in the list. It remains a fundamentally strong and widely held company. Similarly, State Bank of India (SBI), while not among the top five by shareholder count in 2025, continues to hold a large base of loyal investors and has historically been a part of this elite club.
The Rise of the NSE in the Unlisted Space
Interestingly, National Stock Exchange (NSE)—still unlisted—has also emerged as a major name in terms of investor interest. Even before its IPO, NSE has gathered more than 160,000 shareholders through the unlisted market. With its IPO expected soon, it may well enter the list officially post-listing.
Conclusion
India’s capital markets have witnessed a massive transformation over the past decade. The dramatic rise in shareholder counts, particularly in companies like Tata Motors, Yes Bank, and Vodafone Idea, reflects the democratization of equity investing. While this signals growing financial awareness and participation, it also underscores the need for investor education—especially around the risks associated with speculative or turnaround bets.
