Amid coronavirus crisis, this Indian business tycoon is growing richer
What's the story
The outbreak of coronavirus, and the ongoing nation-wide lockdown to prevent it from growing worse, has disrupted businesses so much that their leaders and investors are bleeding money.
The crisis has left the Indian economy reeling. But, amid all this, one Indian business tycoon is minting money, growing richer than ever - DMart founder Radhakishan Damani.
Here's why.
Growth
Damani's wealth surged most among richest Indians
According to Bloomberg, the wealth of Damani has increased the most among the 12 richest Indians whose net worth is tracked under the outlet's Billionaires' Index.
In the first three months of the year, including the pandemic period, his net worth has grown by nearly 11% to $10.7 billion.
The increase has largely been driven by DMart shares, which have advanced 24% in 2020.
Reason
Lockdown contributed to DMart and Damani's growth
The surge in DMart's shares comes as the demand for daily essentials, the supermarket chain's primary offering, continues to grow rapidly due to the lockdown.
Essentially, when the government of India enforced the 21-day lockdown to prevent the spread of coronavirus, people began rushing to stores, stocking staples and other household items and boosting DMart's business in the process.
Information
Cyrus Poonawalla also saw some gains
To note, along with Damani and DMart, Cyrus Poonawalla - the founder of Serum Institute of India, which specializes in immunobiological drugs and vaccines - has also gained this year. His net worth surged by 2.6% to $8.9 billion, according to Bloomberg.
Other billionaires
All other Indian billionaires have been hit
Apart from Damani and Poonawalla, all other Indian billionaires, including Mukesh Ambani, Uday Kotak, and Shiv Nadar, have seen their net worth shrink in the wake of the economic fallout of the coronavirus crisis.
Ambani, according to Hurun Research, is one of the worst-hit billionaires and has lost $19 billion - or $300 million/day - in the two months ending 31 March 2020.
Future
Future looks shady at this stage
Even after the lockdown lifts and the panic-buying stops, DMart's valuation and Damani's net worth is expected to grow due to their low-cost pricing strategy.
But, for other businesses, the near future looks shady as COVID-19 continues to disrupt various aspects of operations, gutting possibilities of growth.
The disease has killed more than 82,000 people around the world so far.