Telugu Desam Party general secretary Nara Lokesh gave a explanation regarding his assets that saw 23-fold growth in 5 months .
His shares worth Rs 1.64 crore in Heritage represent a dynamic wealth as stock market prices fluctuate. The holding has been constant for over a decade (not a single share sold or purchased) and hence they presented the original investment made in obtaining the shares.
In contrast, the Election Commission has mandated the market price to be given as on date of listing. Since the asset declaration details are fairly straightforward, anyone can calculate the market value.
He also said, Heritage Foods selling its retail business wing to Future Retail Ltd and retained only 3.65% stake worth Rs 295 crore in it, while my shares have gone up from Rs. 2.52 crore to Rs 273.84 crore.
The so-called 23-time jump (in wealth) is the difference between the acquisition value that he shared as a voluntary disclosure, and the market value , that EC requires.