Stock market trading and investing are some of those fields which can lead to overnight success only if you can play your cards right. But this success can turn into overnight failure too. The one thing we can take away for sure from the Harshad Mehta story is that if the stock market can make you the king and provide you with a throne then it can also take it away from you in no time.
Quick money never stays and that is what we can learn from the story of the national scam from the year 1992. Although It was an unfortunate story for Mr. Mehta there are people who also played a crucial role in that era and are still alive to tell the tale. Some of the personalities were against what Harshad Mehta was doing, if we go into the details then you would see Harshad Mehta never shorted stocks he built his empire by creating bull runs of his own and when the downfall came then there were people against him who were profiting by shorting the stocks he owned and today we will be talking about one such personality who is known to make the most part of his wealth from shorting the stocks that Harshad Mehta owned and is currently sitting on the throne of the 4th richest person of India.
No, we are not talking about Rakesh Jhunjhunwala, although he was one such personality from that era too but, he made most of his wealth from his own bull run predictions as you can remember from the web series Scam 1992. If not you can go ahead and give our article about Mr. Jhunjhunwala a read and you will get to know about the whole story of Mr. Rakesh Jhunjhunwala.
Today we will talk about the stockbroker turned trader turned businessman Mr. Radhakishan Damani, the owner of the whole D-Mart chain of supermarkets located in different parts of India with a huge number of 196 stores. He is famously known for his wealth which he made by shorting the stocks Harshad Mehta owned while in his downfall.
Let us dive deep into the early life and choices made by Radhakishan Damani which made him what he is today, the 4th richest man in India with a net worth that we will be revealing in the end.
Radhakishan Damani Net Worth
Mr. Damani was born in Bikaner, Rajasthan in the year 1954 and had an extremely humble upbringing. He went to Mumbai University for his higher education in the field of commerce but eventually dropped out to start a trading business in “ball bearings”.
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Mr. Damanis’s father belonged to the stockbroker profession and after his death, Radhakishan Damani had to leave his ball-bearing business and join the stockbroker profession but, soon he realized that the only way to get rich is not to trade for others but for himself and became a stock trader.
During the year 1992 Harshad Mehta and his stock holdings were at the peak in fact the whole Indian stock market was booming but, most of it was artificially fabricated by illegal means and Mr. Damani took this opportunity and shorted huge stocks and made a lot of money with the downfall of Mr. Mehta and the Indian stock market crash of 1992.
In the year 2000, he almost let go of his stock market career to start a hypermarket business and soon he started his own supermarket and Hypermarket chain under the name of D-Mart, D-Mart is a hypermarket and supermarket chain that deals in the home products category and believes in providing items with a value for money proposition with some of the homegrown brands too under its roof.
He had almost 10 stores in Mumbai itself till 2010 and was growing at a steady rate until in 2017 he applied for D-Marts IPO and went public scaling the whole business at an incredible rate with more than 250 stores as of 2021.
At one point in time, he was also counted as the second richest man of India after Mukesh Ambani and is now holding the position of 4th richest man according to Forbes as of 2021.
Radhakishan Damani is considered to be the Guru of our own Indian Warren buffet Mr. Rakesh Jhunjhunwala.
Although he is one of the few self-made billionaires and is considered the retail king after launching his hugely successful business, most of his initial wealth is considered to be from the shorting of stocks in the 1992 market crash and was a very calculated and clever move from the investor.
He also did some multi-bagger investments in his early career which turned out to give multifold returns.
Radhakishan Damani Net Worth
The reported net worth of Mr. Radhakishan Damani is almost 15 billion USD according to Forbes which translates to 11,17,61,70,00000 INR, now count it if you can, I couldn’t as my maths is not very strong.
Now, he is as inspiring as this number, this only gives us the motivation to work hard until our net worth looks like a mobile number.
