25% of RK Damani’s Wealth Wiped Out in Q1 FY23; 4 Portfolio Stocks Added Gains
By Malvika Gurung
Investing.com -- Star investor Radhakishan Damani has witnessed a sharp correction in his wealth, led by an intense sell-off in domestic equities during the first quarter of FY23.
According to data from Trendlyne and ACE Equity, the ace investor’s overall wealth eroded by about Rs 26,000 crore in the Apr-June 2022 period, as his portfolio tumbled by 14% in the quarter.
Damani's portfolio plunged by Rs 26,287.5 crore in the period from Rs 1,73,822 crore on March 31 to Rs 1,47,534.5 crore on June 30, stated an ET report.
Of the total fortune lost in the quarter, the biggest drag was contributed by Damani’s flagship company Avenue Supermarts (NS: AVEU ), where he owns 65.2% as a promoter. The retail giant’s stock plummeted 15% in the period, wiping off about Rs 25,462.5 crore of the ace investor’s wealth.
Another one of his major investments, India Cements (NS: ICMN ), in which the renowned investor holds a 2.7% stake, nosedived over 25% in Q1 FY23, paring Rs 208 crore from Damani’s pocket, while his portfolio stock Trent (NS: TREN ) plunged 16% in the quarter, eroding away Rs 1,074.4 crore from Damani’s wealth.
Damani publicly holds 14 stocks (Trendlyne data), of which only 4 contributed gains to his portfolio. These four stocks include Sundaram Finance Holdings (NS: SNDA ), Andhra Paper (NS: ANDA ), 3M India (NS: TMIN ) and Blue Dart Express (NS: BLDT ), which collectively added Rs 70.6 crore to Damani’s portfolio in the Apr-Jun quarter.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Everyone will lose since they are managing it..Like 1
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or