Apple, Tesla, Nvidia shares sold without consent? Indian investors allege ₹100 crore Stockal losses: Report

Nearly 30 Indian retail investors have alleged unauthorised transactions involving their US stock portfolios held through fintech platform Stockal Securities, with preliminary losses exceeding ₹100 crore, according to a report by Moneycontrol.

The alleged transactions occurred on October 15, 2026, when shares of major American companies, including Apple, Tesla, Amazon, Alphabet, Nvidia and AMD, were reportedly liquidated without investors' approval. The proceeds were subsequently used to purchase relatively obscure stocks that suffered sharp price declines.

The incident has triggered questions about account security and a dispute between Stockal and its US clearing broker, DriveWealth, over responsibility for the transactions.

How investors lost their holdings

One affected investor, a senior executive at a leading Indian beverage company, told Moneycontrol that 10 major US stock holdings worth $335,768 were sold without authorisation.

The proceeds were allegedly used to purchase 300,000 shares of Chinese company Zhibao Technology Inc. (ZBAO) at an average price of $1.05.

ZBAO subsequently plunged nearly 60%, closing at $0.42 on October 23. The investor claimed losses of approximately $450,000, equivalent to ₹4.26 crore.

He also alleged that routine trade confirmation emails were missing for the unauthorised transactions.

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Another investor reported that securities worth $3.1 million, approximately ₹29 crore, were liquidated within two minutes. The proceeds were allegedly invested in 30.5 lakh shares of a thinly traded stock within 15 minutes.

The investor claimed that neither the portfolio nor the losses had been restored.

Stockal responds to allegations

Stockal told Moneycontrol that the incident remained under investigation. Its preliminary assessment suggested that compromised email credentials, potentially obtained through phishing or social engineering, might have enabled unauthorised access.

However, Stockal maintained that its investigation had not identified evidence of a breach of its own platform.

DriveWealth disputes responsibility

DriveWealth, which provides clearing and custody services, disputed responsibility for the incident.

In an October 30 communication cited by Moneycontrol, DriveWealth claimed that unauthorised access occurred through Stockal's interface rather than its own systems.

It also alleged that Stockal's instructions delayed certain corrective measures.

These allegations remain disputed, and responsibility has not been independently established.

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HDFC Securities connection

The affected investors had accessed Stockal through HDFC Securities' global investing partnership, launched in 2019. That operational partnership ended in July 2024.

An FIR registered in Bengaluru names several entities, including HDFC Securities, although Moneycontrol clarified that the brokerage has not been named as an accused.

One investor has also approached Sebi and the US Securities and Exchange Commission.

The episode highlights concerns over investor protection, transaction verification and accountability in cross-border investment platforms.

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