Nvidia India Employees Lose Nearly $600 Million in Paper Stock Gains as Shares Fall

Nvidia employees in India have reportedly seen the estimated value of their unvested stock awards decline by nearly $600 million in six weeks as the chipmaker’s share price retreated from its October peak. The fall followed a broader sell-off in artificial intelligence stocks and increased scrutiny surrounding CEO Jensen Huang, according to a report by Mint.

A review of financial statements filed by Nvidia Graphics Pvt Ltd with India’s Ministry of Corporate Affairs showed that employees of the company’s Indian subsidiary held approximately 7.05 million unvested restricted stock units (RSUs) as of March 31, 2026. Based on that number of awards, their estimated value dropped from around $1.73 billion in October to approximately $1.11 billion by November 11.

The decline represents a loss in the estimated market value of unvested awards, not necessarily money employees had received or realised. The actual value for individual employees depends on their stock grants, vesting schedules, tax obligations and whether they have sold shares after vesting.

Key Highlights

• Nvidia India employees held approximately 7.05 million unvested RSUs as of March 31, 2026.
• The estimated value of these awards fell from $1.73 billion on October 6 to around $1.11 billion on November 11.
• The decline of nearly $600 million reflects changes in estimated stock value, not confirmed employee cash losses.
• Nvidia’s Indian subsidiary employed 5,590 people at the end of March, although the number eligible for stock awards is unclear.
• Nvidia is scheduled to report its next quarterly earnings on November 17, ahead of another expected vesting period in December.

Nvidia India Stock Awards Lose Nearly $600 Million in Estimated Value

According to Mint’s analysis, Nvidia’s Indian employees held approximately 7.05 million unvested RSUs at the end of March 2026. When Nvidia shares traded near $170 that month, the awards had an estimated value of around $1.2 billion.

The value increased as Nvidia’s stock rallied during the following months. On October 6, when shares reached approximately $244, the March-end stock award holdings were estimated to be worth $1.73 billion.

However, Nvidia shares subsequently declined. By November 11, the stock was trading at around $158.85 in after-hours trading. Using the same 7.05 million RSUs, Mint estimated their value at approximately $1.11 billion.

The difference between the October peak and the November estimate amounts to nearly $600 million. This calculation is based on the number of unvested awards disclosed in March and does not establish the current outstanding balance.

Why the $600 Million Figure Is Not an Actual Cash Loss

The reported decline relates to the notional value of unvested restricted stock units. These awards are generally subject to conditions and become available to employees only after completing specified vesting periods.

As a result, a fall in Nvidia’s share price reduces the estimated value of awards that employees have not yet received as vested shares. It does not automatically mean that employees have lost $600 million in cash or sold shares at a loss.

The calculation also uses March 31 holdings. Since then, some awards may have vested, while the company may have issued new grants. The actual number of outstanding unvested units in November could therefore be different.

Mint reported that Nvidia Graphics Pvt Ltd employed 5,590 people at the end of March. However, the publication could not independently establish how many of those employees were eligible for stock-based compensation.

How Nvidia’s Restricted Stock Units Work

Restricted stock units are a form of employee compensation in which a company promises shares after certain conditions are met. They are commonly used by Technology companies to attract and retain employees, particularly in competitive fields such as artificial intelligence, semiconductor engineering and software development.

According to Nvidia’s disclosures to the US Securities and Exchange Commission, its RSUs typically vest over four years. Under the disclosed schedule, 25% of an award becomes available after the first year, followed by 6.25% every subsequent quarter.

This means employees do not receive the entire stock award immediately. Instead, they gain access to portions of the award over time, provided they satisfy the applicable vesting conditions.

Every $10 Share Price Movement Changes Estimated Value by $70 Million

Based on the 7.05 million unvested RSUs disclosed at the end of March, every $10 movement in Nvidia’s share price changes the estimated combined value of those awards by approximately $70.5 million.

This illustrates how strongly employee stock-based compensation can be affected by movements in a company’s share price. A sustained rally can increase the value of unvested awards, while a sharp decline can reduce their estimated worth even before employees receive the shares.

Recent Vesting Periods Also Affected Employees

Mint also examined two recent stock-vesting periods in June and September, when Nvidia shares traded at approximately $204.42 and $213.90, respectively.

Employees who received shares during those periods and continued holding them have since seen their market value decline alongside Nvidia’s stock price. However, the actual impact varies according to individual grants, the number of shares retained and any subsequent transactions.

Employees who sold vested shares before the decline would have a different financial outcome from those who continued holding them. Therefore, the movement in the stock price alone does not reveal the actual gains or losses experienced by individual employees.

Nvidia Shares Face Pressure From AI Sell-Off

Nvidia’s share-price decline came during a broader October sell-off in US technology stocks. Investors had begun questioning whether the enormous spending on artificial intelligence infrastructure would generate returns quickly enough to justify the valuations of companies involved in the AI boom.

Nvidia is a major supplier of advanced processors used to train and run artificial intelligence models. Its business has benefited from demand for AI computing infrastructure, but its shares remain sensitive to investor expectations about future spending, competition and the profitability of AI-related investments.

As concerns about the returns on AI investments increased, technology stocks came under pressure. Nvidia was also affected by company-specific developments involving its leadership.

Jensen Huang Faces Increased Leadership Scrutiny

Pressure on Nvidia intensified following disclosures and allegations involving CEO Jensen Huang. The supplied report says Huang acknowledged an extramarital affair on November 8, amid separate allegations involving a woman suspected of links to Chinese intelligence. Those espionage-related claims remain unverified, and China has denied the allegations.

Reuters reported on November 11 that Nvidia’s board was considering Huang’s future following the disclosures. These developments added another source of uncertainty for investors already assessing the outlook for the AI sector.

Nvidia did not respond to Mint’s requests for comment, according to the publication. The reported board discussions should not be interpreted as confirmation that Huang is leaving the company.

Nvidia India Employees Received $3.1 Billion in Shares Between FY18 and FY26

Despite the recent decline in estimated stock award values, Nvidia’s Indian subsidiary has provided substantial stock-based compensation over the years. Mint’s review of nine years of company filings found that employees of the Indian unit received approximately $3.1 billion worth of shares between FY18 and FY26, measured at the time of vesting.

Stock awards have formed an important part of compensation at major technology companies, allowing employees to participate in the financial performance of their employers. However, the value of this compensation can fluctuate considerably with market conditions.

A senior Nvidia India executive told Mint that the recent developments had not substantially changed sentiment within the company. The comment suggests that the reported share-price volatility had not significantly altered the internal mood described by the executive.

Nvidia’s November 17 Earnings Report in Focus

Nvidia is scheduled to announce its next quarterly earnings on November 17. Investors will be watching the company’s financial performance and outlook for signals about demand for AI chips and the sustainability of its growth.

The earnings announcement is also approaching another expected employee stock-vesting period in December. The share price around the vesting date will influence the market value of shares employees receive, although individual outcomes will depend on their respective awards and decisions about holding or selling vested shares.

What the Nvidia Stock Decline Means for Employees

The estimated $600 million reduction highlights the connection between Nvidia’s market valuation and the stock-based compensation held by its Indian workforce. While the decline is significant on paper, it should not be confused with a confirmed loss of cash or a uniform financial setback for every employee.

The final impact depends on how many awards remain unvested, how many shares employees have already received and whether they have sold or retained those shares. Nvidia’s upcoming earnings announcement and subsequent share-price movements will remain important factors in determining the value of employee stock holdings.