Angel One Shares Drop 5% on 17% YoY Decline in November Client Acquisition

e's shares plunged over 5% on December 3 after gross client acquisitions fell 17% year-on-year to 500,000 in November, per an exchange filing. Despite the dip, the client base grew 22% YoY to 35.08 million. Order volumes weakened: total orders dropped 10.4% YoY to 117.3 million, with average daily orders down 15.1% to 6.2 million. Overall average daily turnover surged 98% YoY to ₹1.87 lakh crore on option premium basis, but F&O average turnover fell 5.4% to ₹14,000 crore. Market shares mixed: retail equity rose 18 bps to 20.3%; F&O dipped 46 bps to 21.5%; commodities tumbled 719 bps to 52.5%. The company highlighted a record-high average client funding book and noted softer markets moderated order rates, with October 2025 cash market share revised upward post-industry data update.