Radhakishan Damani: The only Indian billionaire to get rich amid coronavirus outbreak
New Delhi : The coronavirus outbreak has struck hard on the business with many registering massive losses, resulting in recession and bad figures on the financial markets.
But, an Indian tycoon has managed to keep himself out from the impact. Radhakishan Damani, who controls Avenue Supermarts Ltd., has registered a surge of 5% in his net income this year to $10.2 billion.
This makes him the only Indian billionaire with gains among the 12 richest Indians whose wealth is tracked by the Bloomberg Billionaires Index.
Shares of Avenue Supermarts, which contribute nearly all of the wealth to Damani's net worth, has advanced 18% this year.
Damani, who was raised in a one-room apartment in a Mumbai tenement block, has seen the growth in his wealth when a stocks rout has reduced the net worth more than 32% for his billionaire compatriots Mukesh Ambani and Uday Kotak on fears that the pandemic will gut economic growth.
Most of the people in India started panic buying after the announcement of lockdown in India.
"People have been buying in panic and hoarding during the lockdown that drove the sales, making the company's share a perfect hedge amid rout," Arun Kejriwal, director at Kris, an investment advisory firm in Mumbai. "Their unique no-frills model and also choosing to operate from locations outside malls, will help them to tide over the situation."