Radhakishan Damani another Indian billionaire losing most wealth this year after Adani, Ambani

Indian billionaires have topped the list of losing the most wealth in 2023 so far as compared to the world's richest. Along with Gautam Adani, Mukesh Ambani, who have seen a sharp erosion in their respective wealth, another Indian billionaire Radhakishan Damani stands third in the list of top wealth losers year-to-date (YTD).

As per the index, Radhakishan Damani's net worth stands at $16.7 billion, down by $2.61 billion or over 13% this year so far - ranked at the 98th spot in the wealthiest list. The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.

Damani controls Avenue Supermarts, Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 200 D-Mart shops across India. Avenue Supermarts shares made its stock market debut on the Indian exchanges in 2017 and on listing.

Born in Mumbai, India, Damani earned hundreds of millions of dollars from stock market investments. Radhakishan Damani or RK Damani is one of the most successful investors in India. He is also known as the ‘Mr. White and White’ among the top traders in India. Damani also manages his portfolio through his investment firm, Bright Star Investments. He exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He opened the first D-Mart store in 2002. 

DMart was started by Radhakishan Damani and his family. From the launch of its first store in Powai in 2002, DMart today has a well-established presence in 238 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan. The supermarket chain of DMart stores is owned and operated by Avenue Supermarts Ltd. (ASL). The company has its headquarters in Mumbai. The brands D Mart, D Mart Minimax, D Mart Premia, D Homes, Dutch Harbour, etc are brands owned by ASL.