Here's how many crores Radhakishan Damani added to his wealth in a week

Here's how many crores Radhakishan Damani added to his wealth in a week 

New Delhi: Radhakishan Damani, the founder of India's most profitable retailer Avenue Supermarts, recently became India’s second-richest person. According to the Forbes real-time net worth Index, Damani's net worth on Friday (February 21) surged to $18.2 billion, after more than 16 per cent surge in Avenue Supermarts shares in 10 days.

Left behind in net worth race:

Damani has pipped past Shiv Nadar ($16.5 billion), Uday Kotak ($14.9 billion) and Gautam Adani ($14.1 billion) in the Forbes Billionaire Index to become India's second-richest man. 

Surge of how many crores?

On February 14 (Friday), Damani's total net worth stood at $13.30 billion. His net worth in seven days, from February 14 to February 21, surged to $18.2 billion. This means that Damani's net worth increased by $4.9 billion in just a week. Going by the current Dollar-Rupee exchange rate, Damani added almost Rs 35.2 thousand crores to his net worth in just seven days.

5,000 crores in a day!

If you go by how much Damani added to his net in these seven days, then according to calculation, Damani added just a little over Rs 5,000 crores to his net worth in a day for seven days in this period. 

Supermart Avenue shares:

Shares of Avenue Supermarts, the firm that controls supermarket chain DMart, have rallied over 31% so far this year and added about Rs 36,000 crore in market capitalisation. The stock is trading at a market capitalisation more than that of Wipro, ONGC, UltraTech Cement, and HDFC Life Insurance.

Note that Avenue Supermarts' shares rallied sharply after the company announced a share sale for institutional investors on February 5. The company raised about Rs 4,000 crore at Rs 2,049 apiece. On Thursday, the shares closed Rs 33 above at Rs 2,458 apiece.

Stakeholding in Avenue Supermarts :

Damani owns 37.19% stake or 23.34 crore shares in Avenue Supermarts. His wife Shrikantadevi Radhakishan Damani holds 3.54% stake and his brother Gopikishan Shivkishan Damani owns 8.12% stake in the firm. Damani also holds stakes in a range of companies, from tobacco firm VST industries to beer maker United Breweries.