Finace And Stock

IPO-bound Paytm’s Vijay Shekhar Sharma’s wealth plummets by Rs 4,100 crore in a year

NEW DELHI: Amid all the wealth multipliers of India Inc, there are some names that saw depletion of their wealth. The most prominent among them is Paytm founder Vijay Shekhar Sharma.

His personal wealth, mostly in the form of his stake in One97 Communications–the parent firm of Paytm, now stands at Rs 18,900 crore, down 18 per cent from Rs 23,000 crore last year, according to IIFL Wealth Hurun India Rich List 2021. He has fallen 43 rank on the list to 87th position now.

Sharma holds around 15 per cent stake in the company. A recent ET report said he is getting a significant amount of new stock options in One97 Communications, a move that will increase his stake in the parent company by 2-3 per cent.

This comes ahead of the $2.2-billion Paytm IPO (initial public offer), billed as the biggest in India in at least a decade. During the public issue, Sharma said he will also sell a part of his stake.

Another big loser of the year is Acharya Balkrishna, who runs homegrown FMCG firm Patanjali Ayurved. His wealth fell down to Rs 35,600 crore in 2021 from Rs 46,800 crore last year, a drop of 24 per cent. His ranking fell to 36th on the list.

Scions of the Godrej family were also among those that saw fall in their fortunes. Adi Godrej, Jamshyd Godrej, Nadir Godrej, Nadir Godrej, Rishad Naoroji and Smita C Crishna (the richest woman on the list) saw their wealth decrease by 3 per cent to Rs 31,300 crore each.

Kiran Mazumdar-Shaw, overall the second richest woman and the richest self-made woman, also saw an 11 per cent decrease in her wealth. Her net worth stands at Rs 28,200 crore against Rs 31,600 crore.

Hurun India did not specify the reason behind their wealth loss.

Embassy Office Parks’ Jitendra Virwani, Landmark’s Mukesh Jagtiani, Aurobindo Pharma’s PV Ramprasad Reddy and Gems Education’s Sunny Varkey were among others that became relatively poorer.

Hurun India Rich List is a ranking of individuals with a net worth of Rs 1,000 crore and more. Over the last decade, the list has grown from 100 individuals across 10 cities to 1,007 richest Indians in 76 cities.

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