For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

DMart's Damani Is The Only Indian Billionaire Who Got Richer Amid Market Carnage

By Staff
|

Radhakishan Damani, promoter of Avenue Supermarts that runs the supermarket chain DMart, has reportedly become the only Indian tycoon whose wealth hasn't eroded in the recent market turmoil caused by the spread of the COVID-19 pandemic.

DMart's Damani Is The Only Indian Billionaire Who Got Richer Amid Market Carnage
 

Thanks to panic buying by consumers in India to hoard essentials amid the nationwide lockdown, the share price of Avenue Supermarts Ltd has surged by over 20 percent in 2020. On Wednesday, the stock hit an upper circuit of 5 percent of Rs 2,278.75.

As per Bloomberg's calculation, Radhakishan Damani's net worth has surged 5 percent this year to $10.2 billion, singling him out to become the only billionaire with gains among the 12 richest Indians whose wealth is tracked by the Bloomberg Billionaires Index. On the same index, billionaires Mukesh Ambani and Uday Kotak have lost more than 32 percent of their wealth from the selling spree over concerns of the economic effects of the coronavirus pandemic.

The low-cost model of DMart has helped it benefit over other supermarket chains amid the sudden increase in demand for fast-moving consumer goods due to the nationwide lockdown.

As long as its supply chain is not disrupted, the prospects for the Avenue Supermarts look good despite an extension in the lockdown.

Read more about: avenue supermarts coronavirus
Story first published: Wednesday, April 8, 2020, 10:45 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more