Will the Mounjaro weight-loss drug reshape the Indian stock markets? Nithin Kamath says ‘people will trade less’

Eli Lilly has launched Mounjaro (tirzepatide) in India, a drug hailed for its ability to manage diabetes and trigger dramatic weight loss. Originally designed for type 2 diabetes, its secondary benefit—helping users shed up to 20% of their body weight—has turned it into a global phenomenon. But while the buzz is strong, the drug comes with a steep price tag: ₹3,500 for a 2.5 mg vial and ₹4,375 for 5 mg, making long-term use an expensive commitment.

‘People Will Eat Less, Buy Less...’—The Ripple Effect on Business

Zerodha co-founder Nithin Kamath believes these drugs could trigger massive economic shifts. “People will eat less, smoke less, buy less, and live longer. They’ll also trade less? Insurance premiums have to change, and annuity payouts in pensions will have to be readjusted,” he wrote, noting the far-reaching consequences of widespread adoption.

Retailers in the US have already seen changes in consumer behaviour. Walmart, for instance, reported reduced grocery sales linked to the rise of weight-loss drugs like Ozempic and Mounjaro. If India follows suit, industries ranging from food to fashion may feel the pinch.

The Science Behind the Hype

Mounjaro belongs to a class of drugs called GLP-1 receptor agonists but stands apart by also targeting GIP receptors, enhancing its blood sugar regulation and appetite-suppressing effects. The result? Users feel fuller for longer, consume less, and lose weight.

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But Kamath remains cautious: “What we don’t know is more than what we know about these drugs at this point.”

Early research hints at additional benefits—potentially reducing cravings for alcohol, nicotine, and even compulsive shopping. Some studies suggest improvements in cardiovascular health,