In 62 selected Indian mid-cap stocks, retail investor holdings declined in Q2 even though many of those stocks delivered double-digit returns. According to data from Tracxn, the steepest drop in retail participation was in Dixon Technologies (India) (-187 bps) and APL Apollo Tubes (-159 bps). Analysts interpret this as a ‘sell on rise’ strategy by retail in mid-caps while institutional or FI flows may still be absent. The trend signals caution: even as stocks rally, retail investors appear to be trimming exposure ahead of broader participation or fresh catalysts.