The March quarter has provided a reckoning of sorts for investors, as players who benefited from the rally in midcaps and smallcaps from March 2017 to early 2018 saw share prices fall as macro trends came to the fore. The impact of slowing consumption, the US-China trade war, as well as volatile oil prices have hit optimism, and increasing caution now prevails. 

Superstar investor Dolly Khanna, who made aggressive investments throughout 2017, has pared her portfolio substantially in the March 2019 quarter, cutting her stake or eliminating her holding in 14 stocks. Her stake is now below 1% in Manappuram Finance, Tata Metaliks, Associated Alcohol and NR Agarwal. Khanna has also cut stake in once favorite Rain Industries by 0.44%, bringing her stake down to 2.2%, as well as in NOCIL and IFB Agro. (by 0.27% and 0.24%), and several others.

The changes and the decline in share prices have brought down Khanna's overall net worth as per her public portfolio, from Rs. 484 crore in the previous quarter to approximately Rs. 270 crore now.