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The stock market fell on June 4, the day of the election results, but shares of Chandrababu Naidu’s wife, Nara Bhuvaneshwari, of Heritage Foods rose sharply. Bhuvaneshwari’s stock value increased by Rs. 584 crore in just five days, making her a billionaire.
On June 3, Heritage Foods’ share price was Rs. 402.90, but it jumped to Rs. 661.25 shortly after. With 2.26 crore shares, Bhuvaneshwari’s stake was valued at Rs. 911 crores at the end of May, skyrocketing to Rs. 1495 crores by June 8.
Established by Chandrababu Naidu in 1992, Heritage Foods distributes dairy products throughout the states of Andhra, Telangana, Karnataka, Tamil Nadu, and even Punjab. The TDP-led NDA alliance’s significant victory in Andhra Pradesh coincided with a spike in Heritage’s share price. Investors were ecstatic with Heritage Foods’ strong demand following the election results.
Heritage shares were valued at Rs. 300 back in April. A Rs. 1 lakh investment made in April would now be worth over Rs. 2 lakh!
