Airtel, IndiGo to Polycab: 10 stocks that saw highest promoter selling in Q2. Do you own any?

Promoter buying is often viewed as a sign of confidence by investors, as it indicates that promoters have ‘skin in the game.’ Conversely, significant selling by the same group can raise red flags.

The private promoter's holding marginally decreased by 2.10% to ₹180.73 lakh crore as of September 30, 2025, compared to the last quarter, according to data from primeinfobase.com.

Top 10 stocks where promoters sold stakes

Among the stocks that saw the highest selling by promoters, in terms of the value of shares sold, Airtel, InterGlobe Aviation, Apollo Enterprises and Polycab emerged as key names.

Bharti Airtel promoters sold stocks worth nearly ₹11,387 crore as their stake fell by 6 crore to 306.36 crore as of September 30, 2025.

The net sell was calculated by multiplying the difference in June and September shareholding by the volume-weighted average closing price during the quarter, the report stated.

Earlier today (November 7), too, reports suggested that Singtel — a promoter of Airtel — offloaded 5.1 crore shares of Airtel for over ₹10,300 crore. Airtel shares are hovering near record high levels currently, making it a ripe opportunity for the promoter to book profits.

Another prominent name that featured on the list was IndiGo. It is well known that IndiGo co-founder Rakesh Gangwal is seeking to exit the airline carrier. He had lowered his stake in August, thus resulting in the promoter shareholding falling to 16.07 crore shares from 16.82 crore shares.

AWL Agri Business, from which the Adani group exited its stake, also saw a massive share sale, with 83.09 crore shares being sold. The net value of shares sold amounted to ₹3,600 crore as per primeinfobase.com's estimates.

Apollo Hospitals and the wire and cables company Polycab also made it to the list as their promoters sold 18.97 lakh and 22.26 lakh shares, respectively.

Is promoter selling always a red flag?

Promoter share sales often make investors uneasy, but they’re not always a cause for alarm, opined Harshal Dasani, Business Head at INVAsset PMS.

"When founders or controlling shareholders reduce their stake, it can reflect a range of motives — from portfolio diversification and debt reduction to funding new ventures," said Dasani. In recent quarters, promoter holdings across India’s top 500 listed companies have slipped to their lowest level since 2017, even as the market scaled new highs. Notably, several large-cap promoters trimmed positions in the September 2025 quarter amid strong valuations and profit-booking opportunities.

However, Dasani believes that the signal isn’t uniformly negative. In fact, many exits in 2025 have been driven by private equity and early investors monetising gains in a maturing market rather than a loss of confidence in fundamentals, he said.

Pranay Aggarwal, Director and CEO of Stoxkart, also advised investors not to rush to sell after a promoter stake sale without understanding its context.

Promoters may sell shares for reasons like diversification, meeting public shareholding norms, or personal liquidity needs, which aren’t necessarily negative, he explained. However, large or sudden stake reductions—especially during weak business performance—can signal declining confidence, noted Aggarwal.

"Selling is prudent only when promoters' exits coincide with deteriorating business outlook, high debt, or governance concerns. Otherwise, it may simply be a normal liquidity event," he noted.

For investors, Dasani said the key is to look beyond the headline and assess context — whether the stake sale is strategic, marginal, or accompanied by changes in management intent or business guidance. "Promoter selling, in essence, is a sentiment indicator, not a verdict. Wise investors use it as a cue to re-examine valuations, not to abandon conviction in fundamentally sound businesses."

Top promoter buys

On the other hand, Nazara Technologies, Poonwalla Fincorp, Indus Towers, Adani Green and Inox Wind were among the companies that saw the highest increase in promoter holding in terms of number of shares and value.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.