With the stock market taking a nosedive, net worth of the richest people in India has taken a big hit.
Except for Radhakishan Damani, the founder of Avenue Supermarts Ltd.
He is the only Indian billionaire to get richer, as the nation tries to find its way around 21-day lockdown, which is expected to be extended.
Damani, who was raised in a 1-room house in Mumbai, has seen a 5% growth in his net worth – which now stands at $10.2 billion.
Meanwhile the shares of Avenue Supermarts Ltd have increased by 18% this year.
The company and the owner can thank the panic buying by people who wanted to be stocked up for the lockdown.
People have been hoarding a lot of stuff so that they don’t have to step out, and sustaining themselves is easier.
This, while an advantage right now, also means that Avenue Supermarts is going to face a problem very soon.
With supply taking a hit, it is predicted that filling the empty shelves will be a task.