A Chandigarh-based doctor discovered that his grandfather’s modest investment three decades ago in shares of the State Bank of India (SBI) has escalated 750 times.
What Happened: Dr. Tanmay Motiwala, a pediatric surgeon, stumbled upon this old investment while arranging the family’s financial affairs. His grandfather had purchased the shares in 1994 and somehow they were forgotten and left untouched. He also shared a picture of the share certificate from the time. It was issued on Feb. 25 1994.
As per the doctor, the initial investment of ₹5,000 has now swelled to a staggering ₹3.75 lakh, emphasizing the significant returns that long-term equity investment can generate. He also expressed his decision to keep the shares, as he is not in immediate need of cash.
Dr. Motiwala shared his experience on social media, elaborating on the process of transforming the old stock certificates into a demat account. There are also startups that help people with this process. As per industry experts’ estimates, there are around ₹2 to ₹3 lakh crore worth of unclaimed investments.
Dr. Motiwala’s post quickly went viral, resulting in a flurry of stories from other users about forgotten or surprise investments that yielded substantial returns.
Read Next: Top 10 Richest People In India In April 2024
Editor’s Note: The article has been updated to reflect the correction shared by Dr. Tanmay Motiwala about the buying price.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.