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India.com
20-05-2025
- Business
- India.com
Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 124000000000 empire for only Rs 74 because…
Home Business Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 124000000000 empire for only Rs 74 because… Meet Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 124000000000 empire for only Rs 74 because… Sometimes, a single mistake is all it takes to bring down everything a man has built. In this article, we will talk about Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to se Sometimes, a single mistake is all it takes to bring down everything a man has built. In this article, we will talk about Chandrakumari Shetty, wife of Dubai billionaire BR Shetty who was forced to sell his Rs 12400 crore company for just Rs 74 due to… Dr. B.R. Shetty, the visionary behind NMC Health, was once a billionaire and a towering name in the UAE's business world. But in 2019, everything changed when U.S.-based firm Muddy Waters Research alleged that his companies had hidden $1 billion in debt from investors. The revelation sent shockwaves through the financial world, triggering the collapse of his business empire. Shetty was eventually forced to sell his company for a mere Rs 74, marking one of the most dramatic downfalls in corporate history. Born on August 1, 1942, in Udupi, Karnataka, B.R. Shetty came from a humble middle-class background. In 1973, he moved to Dubai with just $8 (around Rs 665) in his pocket, fueled by hopes of building a better life. Starting out as a door-to-door medicine salesman, Shetty's determination and strong networking skills paved the way for something remarkable — the founding of NMC Health, which went on to become the UAE's first private healthcare provider. In 2019, at the height of his success, B.R. Shetty's net worth was estimated at $3.15 billion (around ₹20,000 crore), earning him a spot among India's richest, according to Forbes. His lavish lifestyle reflected his immense wealth—complete with private jets, a fleet of Rolls-Royce cars, and multiple luxury properties, including two entire floors in Dubai's iconic Burj Khalifa. 'In a step towards backward integration into the healthcare sector, Dr. Shetty set-up Neopharma in 2003. Neopharma is a state-of-the-art manufacturing facility and has collaborations with multinational companies like Pfizer, Merck, Abbot Laboratories, GSK, Hetero Pharmaceuticals and Biocon to name a few. Recently, Neopharma has acquired an antibiotic manufacturing facility in the USA,' reads his LinkedIn bio. Dr. Chandrakumari Raghuram Shetty, a respected medical professional in her own right, played a crucial role in the early growth of NMC Health. She joined her husband, Dr. B.R. Shetty, in his ambitious venture when he opened his first medical centre in 1975. As the company's first in-house doctor, she was instrumental in building its clinical foundation and later rose to become the Group Medical Director, shaping the medical direction of the entire organization. For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on More Stories
India.com
02-05-2025
- Business
- India.com
Meet woman, wife of Indian billionaire who went broke, sold his Rs 12000 crore company for just Rs 74 after..., her husband is...
Chandrakumari Shetty is the wife of embattled former billionaire BR Shetty. (File) In 1975, Dr. Chandrakumari Raghuram Shetty, joined her husband Dr. BR Shetty in founding the New Medical Center Health (NMC), UAE's first private healthcare provider company, in Dubai. The hospital was managed entirely by Chandrakumari Shetty, who was the only doctor in the clinic, at the time. Today, NMC is the largest private healthcare provider in the UAE with over four million patients annually across 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. Who is BR Shetty? Born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was once counted among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. BR Shetty began his career as a medical representative, and at age of 31, immigrated to Dubai, UAE in 1973 in search of better opportunities. As per reports, Shetty came to Dubai with just $8 to his name, and worked as a door-to-door salesman, selling medicines. In short time, Shetty built contacts with some wealthy and influential people, and a few years later, established UAE's first private healthcare provider, New Medical Center Health (NMC), in Dubai. BR Shetty's downfall Over the years, BR Shetty's wealth swelled owing to his diversified and successful business ventures which ranged from health, finance, to real estate, and capital investment. At one point, BR Shetty had a net worth of $3 billion (around Rs 20,000 crore), making him one of the wealthiest men worldwide. The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai. However, fate took a cruel turn when in 2019, US-based short-seller Muddy Waters Research levelled damning allegations against BR Shetty's companies. In a post on X (former Twitter), the short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors. In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. Who is Chandrakumari Shetty? Dr. Chandrakumari Shetty is a trained medical doctor and the wife of embattled Dubai-based Indian-origin billionaire BR Shetty. In 1975, Chandrakumari Shetty and her husband founded the NMC, UAE's first private healthcare provider, which has today grown into a healthcare giant with 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. Under Chandrakumari Shetty's leadership, NMC Health grew into the largest private healthcare company in the UAE, but following her husband's bankruptcy, she stepped down from her leadership role in the company in 2021, citing personal reasons.
Yahoo
31-03-2025
- Business
- Yahoo
Is AppLovin Stock a Buy?
Advertising tech firm AppLovin (NASDAQ: APP) saw its stock soar over the past year. Shares skyrocketed nearly 300% over the past 12 months. But this hot stock has been on the decline since it peaked in February, when it hit a 52-week high of $525.15. A handful of short-seller reports disparaging the company surfaced in recent weeks, the latest coming out on March 27. As a result, in 2025, shares are down nearly 16% at the time of this writing. Does the price drop create an opportunity to grab shares, or should you stay away, as the short-sellers suggest? To answer that question, here's a deeper look. Before diving into the short-seller allegations, some background is necessary, starting with the astronomical ascent in AppLovin's share price. This was thanks to the company's stellar performance last year. Its 2024 sales totaled $4.7 billion, a 43% increase over 2023. Not only did sales see strong growth, the bottom line also increased 343% in 2024 to $1.6 billion. Helping the company achieve this net income growth was its excellent gross margin of 75%. The strong performance doesn't end there. It also generated impressive free cash flow (FCF) of $2.1 billion last year. FCF indicates the cash available to invest in the business, repurchase shares, and pay down debt. AppLovin makes its revenue from digital advertising, primarily through mobile gaming apps. The company saw meaningful income from e-commerce advertisers. Those ad sales were encouraging, since management is working to expand revenue from industries outside the gaming segment. Against this backdrop, several short-sellers emerged to claim AppLovin's success was driven by questionable business practices. A March 27 short-seller report by Muddy Waters Research claims the company misused consumer data and inflated its e-commerce achievements. Earlier short-seller reports accused it of advertising fraud. None of these allegations had been proved at the time of this writing. That said, whether the company's e-commerce sales signal sustained growth in this segment, or if it's a seasonal blip from holiday shopping, won't be known until first-quarter results are disclosed later this year. So, investors should take its triumphs outside gaming with a grain of salt. Adding to AppLovin's challenges capturing markets outside of gaming is a lack of online self-service tools needed for its business to scale. It's focusing this year on developing these capabilities, but how well it succeeds, and how much it adds to revenue growth, is unknown. Another factor to be aware of is its debt. Exiting 2024, debt represented $3.5 billion of the company's $4.8 billion in total liabilities. That amount is an increase over the $3.1 billion in debt it held at the end of 2023. Increasing debt is not a desirable trend. Although the short-seller accusations are concerning, they are unproven at this time, so a decision to invest in AppLovin should be based on its business performance. To date, that performance has been stellar for the most part, making it a worthwhile investment. So now, the question is whether the share price decline over recent weeks makes the stock a buy at this time. To assess this, here's a comparison of AppLovin's stock valuation to competitors in the digital ad industry. Let's use the forward price-to-earnings ratio (P/E) for this, which tells you how much investors are willing to pay for a dollar's worth of earnings based on estimates for the next 12 months. As for the competitors, the company's mobile-games dominated advertising platform puts it up against the likes of Unity Software, which offers advertising services for gaming apps. AppLovin's aspirations to expand beyond gaming also puts it at odds against businesses already servicing such advertisers, including The Trade Desk. This is how AppLovin's forward P/E stacks up against these competitors. Its forward earnings multiple is around the same as its competitors, especially since recent stock market volatility and the short-seller attacks caused its stock to fall. This suggests its shares are fairly valued at the time of this writing. However, short-seller accusations aside, AppLovin's long-term sales growth depends in part on capturing advertising dollars beyond the gaming category. Since its ability to do so is still unknown, you may want to wait for its first-quarter results to assess how this part of its business is doing before deciding to buy shares. Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $284,402!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $41,312!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $503,617!* Right now, we're issuing 'Double Down' alerts for three incredible companies, and there may not be another chance like this anytime soon.*Stock Advisor returns as of March 24, 2025 Robert Izquierdo has positions in The Trade Desk and Unity Software. The Motley Fool has positions in and recommends AppLovin, The Trade Desk, and Unity Software. The Motley Fool has a disclosure policy. Is AppLovin Stock a Buy? was originally published by The Motley Fool Sign in to access your portfolio
Yahoo
25-02-2025
- Business
- Yahoo
Muddy Waters' Carson Block weighs India entry, may consider long-only, long-short fund
By Ira Dugal MUMBAI (Reuters) - U.S. investor Carson Block is weighing plans for an India fund which could be based on a 'long-only' or 'long-short' strategy but would not look at activist short-selling in the country, he told Reuters. "The question we are asking is whether we would want to do long-short or long-only (in India)," Block said in an interview in Mumbai. "But we wouldn't be doing activist short selling...I don't think that would enable us to have a successful fund management business here," he said. Block, whose Muddy Waters Research came into the spotlight for uncovering fraud at Chinese companies, is yet to finalise plans for India. Block has recently launched an investment vehicle in Vietnam after having run a long-only position in the country for a few years. Potential investors have suggested the fund look to do "something similar" in India, he said. "I could see possibly a portfolio where maybe there are 20 names on the short side, each 1 to 2 percent positions. But again, maybe the thing to do now would be long-only instead." The Indian markets have corrected sharply since October, with the benchmark BSE Sensex and NSE Nifty 50 down more than 14% from an all-time high hit in September. Fear of weaker growth, seen at a four-year low in 2024-25, has prompted foreign investors to sell $24 billion in Indian stocks between October and February so far. The short-term volatility will not sway Block's plans for India but the country's complex taxation policies could. Using India's tax-neutral zone, popularly known as GIFT City, as a route to invest is one of the options Block is considering. "But there are practical considerations there in terms of talent and basing talent in GIFT City," Block said. The Indian government is promoting the Gujarat International Finance Tec-City, or GIFT City, as a hub for global capital by offering simpler regulations and fewer taxes. CHINA VS INDIA Block, a well-known China sceptic, believes Western investors continue to underprice risk in that country's markets. Chinese equity indices have rallied in 2025, led by technology stocks. "When I look at the risks of owning shares in China, it would make me say, at best, it should be a short-term strategy to be long China," he said. Western investors are looking for a "growth narrative" and India will have its turn at being that narrative in the next few years, Block said. He sees geo-political risks in India as being lower than in China. India's Adani Group, a large infrastructure conglomerate, recently came under attack from Hindenburg Research which questioned its governance practices and disclosures. Hindenburg's allegations, denied by the group, led to a sharp fall in stock prices of listed entities within the group and prompted global investors to question governance practices across Indian companies. "Different people have expressed a range of opinions on the integrity of accounts (in India). But I'd say, like any developing market, it can be challenging compared to developed markets," said Block. "I see that the greater the challenges in transparency and the more that one would question the integrity of accounts, that presents an opportunity for us. And that's the type of place we like to be."
Reuters
25-02-2025
- Business
- Reuters
Muddy Waters' Carson Block weighs India entry, may consider long-only, long-short fund
Summary Muddy Waters' Carson Block exploring India-focused fund Does not plan 'activist' short-selling in India Sees geo-political risk for India as lower than China Believes Western investors under-pricing China risk MUMBAI, Feb 25 (Reuters) - U.S. investor Carson Block is weighing plans for an India fund which could be based on a 'long-only' or 'long-short' strategy but would not look at activist short-selling in the country, he told Reuters. "The question we are asking is whether we would want to do long-short or long-only (in India)," Block said in an interview in Mumbai. "But we wouldn't be doing activist short selling...I don't think that would enable us to have a successful fund management business here," he said. Block, whose Muddy Waters Research came into the spotlight for uncovering fraud at Chinese companies, is yet to finalise plans for India. Block has recently launched an investment vehicle in Vietnam after having run a long-only position in the country for a few years. Potential investors have suggested the fund look to do "something similar" in India, he said. "I could see possibly a portfolio where maybe there are 20 names on the short side, each 1 to 2 percent positions. But again, maybe the thing to do now would be long-only instead." The Indian markets have corrected sharply since October, with the benchmark BSE Sensex (.BSESN), opens new tab and NSE Nifty 50 (.NSEI), opens new tab down more than 14% from an all-time high hit in September. Fear of weaker growth, seen at a four-year low in 2024-25, has prompted foreign investors to sell $24 billion in Indian stocks between October and February so far. The short-term volatility will not sway Block's plans for India but the country's complex taxation policies could. Using India's tax-neutral zone, popularly known as GIFT City, as a route to invest is one of the options Block is considering. "But there are practical considerations there in terms of talent and basing talent in GIFT City," Block said. The Indian government is promoting the Gujarat International Finance Tec-City, or GIFT City, as a hub for global capital by offering simpler regulations and fewer taxes. CHINA VS INDIA Block, a well-known China sceptic, believes Western investors continue to underprice risk in that country's markets. Chinese equity indices have rallied in 2025, led by technology stocks. "When I look at the risks of owning shares in China, it would make me say, at best, it should be a short-term strategy to be long China," he said. Western investors are looking for a "growth narrative" and India will have its turn at being that narrative in the next few years, Block said. He sees geo-political risks in India as being lower than in China. India's Adani Group, a large infrastructure conglomerate, recently came under attack from Hindenburg Research which questioned its governance practices and disclosures. Hindenburg's allegations, denied by the group, led to a sharp fall in stock prices of listed entities within the group and prompted global investors to question governance practices across Indian companies. "Different people have expressed a range of opinions on the integrity of accounts (in India). But I'd say, like any developing market, it can be challenging compared to developed markets," said Block. "I see that the greater the challenges in transparency and the more that one would question the integrity of accounts, that presents an opportunity for us. And that's the type of place we like to be." Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
