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.