Indian opposition leader Rahul Gandhi’s wealth rose more than 28% in the past five years, aided by his stock investments amid a bull run in Indian equities.
Gandhi, who is being positioned as a challenger to Prime Minister Narendra Modi in the national elections that begin April 19, has invested in 25 stocks, including bluechips such as ITC Ltd. and Hindustan Unilever Ltd., according to an affidavit filed with the Election Commission of India.
He also invested in small- and mid-cap companies such as Tube Investments of India Ltd., which have seen a sizzling rally in recent months.
Gandhi, who is contesting from Wayanad in the southern Indian state of Kerala, didn’t hold any stocks directly in 2019, according to an affidavit filed at that time. His stock exposure comes as Indian equities surge on investor optimism in world’s fastest-growing major economy.
His stocks portfolio was valued at 43.36 million rupees ($519,970) as on March 15, while investments in mutual funds stood at 38.13 million rupees. His overall assets rose to 204 million rupees, from 159 million rupees five years ago.
The South Asian nation’s market, currently the world’s fifth largest at $4.5 trillion, briefly overtook Hong Kong earlier this year. According to Jefferies Financial Group Inc’s estimates, India’s stock market value is set to reach $10 trillion by 2030.
