Small shareholders are leaving

Six of the eight have fewer shareholders than a year ago — including every company whose share price went up.

Aarti Industries lost one in eight of its shareholders in a year its shares rose 43%. Gujarat Fluorochemicals lost 10.7% while rising 38%. Aether lost 10.0% while rising 125%.

Foreign institutional holdings rose in five of the eight over the same four quarters — Acutaas from 16.9% to 21.6%, Navin from 21.6% to 23.7%, Aether from 5.0% to 7.4%.

Only Acutaas and Navin added small holders, and they are the two whose shares rose most.

Whether individuals sold into a rising market, or were simply bought out of it, the numbers do not say. Both of them are on the page.