Chandrababu Naidu Family’s Wealth Surges as Heritage Foods Stock Skyrockets

Chandrababu Naidu Family’s Wealth Surges as Heritage Foods Stock Skyrockets

Keywords: Heritage Foods, Chandrababu Naidu, Stock Market, Wealth

New Delhi: The family of former Andhra Pradesh Chief Minister Chandrababu Naidu has seen their wealth soar by a staggering Rs 870 crore in just five days as the stock price of Heritage Foods, a company in which they have a significant stake, has surged by 55%.

Heritage Foods is a leading dairy company headquartered in Hyderabad. Naidu’s son, Lokesh, is the Executive Chairman of the company, while other family members also hold substantial shares.

On August 24, 2023, the Heritage Foods stock closed at Rs 270.15 per share. However, by the close of trading on August 29, the stock had soared to Rs 420.10, a jump of 55%.

This surge in the stock price has resulted in a significant increase in the wealth of the Naidu family, who hold a combined 41% stake in Heritage Foods. As of August 24, their stake was valued at Rs 3,440 crore. However, with the stock’s climb, the value of their holdings has now reached approximately Rs 4,310 crore, a gain of Rs 870 crore.

The reason behind the surge in Heritage Foods’ stock price is not entirely clear. However, analysts speculate that it may be due to positive financial results, expansion plans, or expectations of a rise in milk prices.

The Naidu family’s increased wealth has sparked both praise and criticism. Some have lauded their business acumen, while others have raised questions about potential conflicts of interest given their political connections.

Regardless, the surge in stock price has undoubtedly boosted the financial standing of the Naidu family, cementing their position as one of the richest in Andhra Pradesh.