Malawi’s richest man sees $89 million decline in FMB Capital stake

Key Points

• Hitesh Anadkat has lost nearly $89 million in 25 days as FMB Capital shares slide over 12% on the Malawi Stock Exchange.
• Anadkat’s 45.32% stake in FMB Capital remains significant, still valued at $645 million despite the sharp market pullback.
• FMB Capital shares are up nearly 81% year-to-date, highlighting strong long-term gains despite recent volatility.

Malawi’s richest man, Hitesh Anadkat, is facing another blow to his fortune, with nearly $89 million wiped off the value of his stake in FMB Capital Holdings in less than a month. The continued slide in the company’s share price on the Malawi Stock Exchange has dragged down his holdings significantly.

Anadkat, who owns just over 45 percent of FMB Capital, 1.11 billion shares, is not only the bank’s largest shareholder but also a key figure in the country’s financial sector. Over the past 25 days, the market value of his stake has dropped by MWK153.3 billion ($88.9 million). This dip follows an earlier loss between Mar. 11 and April 28, when another sharp decline in the company’s stock cost him roughly $183 million.

FMB Capital shares down 12 percent amid broader market pressure

FMB Capital Holdings, the most valuable company on the MSE with a market capitalization of MWK338.38 trillion ($1.42 billion), has faced a rough stretch since mid-March. Its shares have dropped by 12.05 percent in the last 25 days, falling from MWK1,141.47 ($0.66) to MWK1,003.88 ($0.58).

The decline reflects growing caution among investors as the company struggles to maintain earlier gains. For shareholders like Anadkat, the drop has been particularly painful, shaving off a large portion of paper wealth accumulated during the company’s earlier rally.

Even after the recent dip, Anadkat remains a central player in Malawi’s financial landscape and retains a commanding influence in FMB Capital. His 45.32-percent stake is still worth over MWK1.12 trillion ($645.22 million), reinforcing his long-term position.

Stock still up nearly 81 percent in 2025

Despite the recent selloff, FMB Capital remains one of the best-performing stocks in 2025, with its shares up 80.88 percent year to date. A $100,000 investment in the company’s share price at the start of the year would now be worth about $180,880, proof that the stock still holds promise for long-term investors.