Ashish Dhawan’s stock picks struggle: 5 stocks tumble up to 70% in CY25 — Do you own any?

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Ashish Dhawan’s Portfolio

Investors in financial markets frequently monitor the portfolios of well-known market participants. In this context, ETMarkets has reviewed the latest investment disclosures of prominent investor Ashish Dhawan. According to the most recent data for the September 2025 quarter, Dhawan has publicly reported holdings in about 13 companies, with a combined value nearing Rs 2,801 crore as of November 21, 2025.

These investments represent positions where his stake exceeds 1%. A closer look at these holdings shows that seven stocks delivered negative returns, five of them have declined between 20% and 70% so far in calendar year 2025. The analysis also highlights three stocks that have gained 19–33% during the same period. (Data Source: ACE Equity, Trendlyne)

In CY25 so far, the stock has declined 43%, moving down from Rs 79 to Rs 45. As of the September quarter, Ashish Dhawan holds a 5.54% stake valued at Rs 3 crore (as of November 21, 2025).

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Equitas Small Finance Bank

In CY25 so far, the stock has shown no change, remaining at Rs 64. As of the September quarter, Ashish Dhawan holds a 3.97% stake valued at Rs 290 crore (as of November 21, 2025).

In CY25 to date, the stock has moved 19%, rising from Rs 217 to Rs 258. As of the September quarter, Ashish Dhawan owns a 2.17% stake worth Rs 90 crore (as of November 21, 2025).

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Mahindra & Mahindra Financial Services

Year-to-date in CY25, the stock has increased 33%, moving from Rs 258 to Rs 342. As of the September quarter, Ashish Dhawan owns a 1.05% stake worth Rs 500 crore (as of November 21, 2025).