NEW DELHI: Amid the nationwide lockdown and economy taking a hit, the only Indian billionaire whose net worth has increased is Radhakishan Damani, the promoter of Avenue Supermarts, which owns retail brand D-Mart. His net worth has surged 5 per cent this financial year to USD 10.2 billion.
This makes Damani the 'only billionaire with gains' among the 12 richest Indians, as tracked by Bloomberg Billionaires Index.
The shares of Avenue Supermarts, which constitutes all of Damani's net worth have advanced 18 per cent this year.
D-Mart have gained from the panic buying of household commodities as the country went on a 21-day lockdown which began from March 25.
Damani sees his wealth go up at a time when other Indian billionaires Mukesh Ambani and Uday Kotak have witnessed their shares shave off more than 32 per cent.
However, D-Mart's rivals have not benefited as much. India’s second-largest retail chain and runs over 1,300 stores across the country, Future Group saw shares of its publicly-traded retail unit nosedive 80% this year.
In his contribution to fight against the COVID-19 pandemic, Radhakishan Damani has donated Rs 100 crore to the PM CARES Fund and rest Rs 55 crore to relief funds operated by eleven states governments.