D-Mart's Damani makes Rs 4,300 cr on bourses in two days

Mumbai: Radhakishan Damani is a man of business acumen. Damani whose Avenue Supermarts runs retail chain D-Mart recently stole the show at bourses with spectacular listing.

Avenue Supermarts surged 114 per cent on listing day, that's a rare phenomenon. Besides, shares of Damani’s company have rallied 2.4 times over an issue price of Rs 299 since its debut on the stock exchange, a report in The Economic Times said.

"The stock soared over 13 per cent in just two sessions till Friday noon to make Damani and his family richer by Rs 4,300 crore," the report said.

Earlier, Damani's wealth had increased manifold making him richer than Reliance Group's Anil Ambani and Vedanta Resources' Anil Agarwal due to strong performance of Supermart's shares at capital market.

Stocks of Avenue Supermarts were trading high at Rs 714, which was 13.18 per cent more than Wednesday’s close of Rs 631.60 a piece. The 30-share index Sensex dipped 0.3 per cent in these sessions from Wednesday’s close of 29,974 to 29,865 at 12.30 pm Friday.

Damani, his wife, brother Gopikshan Shivkishan Damani together hold an 82.2 per cent stake in supermarket chain Avenue Supermarts. The family has seen its wealth soaring by Rs 4,273 crore in these two days.

According to Bloomberg Billionaire index, Damani was 20th richest man in India with $4.10 billion assets as of Friday. Besides, he is among the top 500 world billionaires.