'This is what top of the bull market looks like...': Nithin Kamath bags EY award amid India’s worst market drop since 2020

Zerodha co-founder Nithin Kamath was named EY Entrepreneur of the Year 2024, a recognition that puts him on the global stage at the WEOY event in Monte Carlo. Reacting to the news, Kamath posted on X: "This is what the top of the bull market looks like with a lag. A broker winning the EY Entrepreneur of the Year 2024."

Kamath’s win comes as the Indian stock market grapples with a prolonged downtrend. Over the past five months, benchmark indices have tumbled, with the BSE Sensex dropping 14% from its September peak of nearly 86,000 to Wednesday's close of 73,730.23—though it managed a 1% uptick that day.

The downturn has intensified in recent weeks, partly due to US President Donald Trump's decision to impose tariffs on multiple nations.

Market experts view investor sentiment as the most bearish since the Covid-induced crash of March 2020. The financial impact is severe, with retail investors reportedly losing between $500-700 billion. Share market investor and GQuant Investec founder Shankar Sharma weighed in on X: "Indian retail has lost $500-700 billion in the current bear market already. Still, expect the 'cumin seed in camel mouth' $12 billion tax cut to help (consumption)." The decline is feared to offset any middle-class relief from the recent tax cuts announced in the budget.

 

Kamath, who bootstrapped Zerodha into a billion-dollar brokerage firm, now joins an elite list of past EY winners, including Infosys' N.R. Narayana Murthy (2003), Kotak Mahindra Bank’s Uday Kotak (2014), Biocon’s Kiran Mazumdar-Shaw (2020), and Cholamandalam’s Vellayan Subbiah (2024). His recognition extends beyond business success to his contributions in fintech, climate-tech, and social impact initiatives.

With this win, Kamath will represent India at the global EY World Entrepreneur Of The Year (WEOY) event in Monte Carlo in June 2025, where the world's top entrepreneurs will compete for the prestigious title.

The EOY 2024 winners collectively generate nearly Rs 2 lakh crore in revenue, hold a combined valuation exceeding Rs 15 lakh crore across listed and unlisted companies, and employ nearly three lakh people worldwide.

Rajiv Memani, Chairman and CEO of EY India, emphasized the role of entrepreneurs as economic multipliers, stating, "Entrepreneurs are India’s biggest competitive advantage and economic force multipliers. EOY winners reflect the tremendous impact Indian entrepreneurs are creating in India and globally."

K.V. Kamath, chairman of Jio Financial Services and a Padma Bhushan awardee, was honored with the Lifetime Achievement Award for his contributions to India’s financial services sector, while ISRO chief Dr. S. Somanath received the Special Jury Award for his leadership in India’s space ambitions.

The EOY 2024 jury, chaired by JSW Group's Sajjan Jindal, included industry stalwarts like Roshni Nadar Malhotra (HCLTech), Sanjeev Bikhchandani (Info Edge), and Sunil Kant Munjal (Hero Enterprise), among others.