Power of compounding! Old man holds L&T, UltraTech and Karnataka Bank shares worth over ₹10 crore | Watch video

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₹10 crore due to the magic of compounding. A video of an elderly man has surfaced on the internet wherein he claimed that he has been holding 27,855 shares of L&T, 2,475 shares of UltraTech Cement, and 4,000 shares of the Karnataka Bank. If going by the claims, he would be owning more than ₹100 million of shares at present.

Additionally, the man claimed that he earns approximately ₹6 lakh of dividends annually. And despite being a millionaire, netizens appreciated the simplicity of the viral elderly man. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The video was shared by X user (formerly Twitter) Rajiv Mehta.

"As they say, in Investing you have to be lucky once. He is holding shares worth ₹80 crores L&T, ₹21 crores worth of Ultratech cement shares, and ₹1 crore worth of Karnataka bank shares. Still leading a simple life," Mehta wrote.

While Mehta said that the man holds ₹80 crore of L&T shares, Capital Mind CEO Deepak Shenoy countred the claims saying, "Bhai 27,000 L&T shares = 8 cr no? Similarly 3.2 cr. of Ultratech, 10 lakh of KTK Bank...It's a decent amount still. More power to him".

Another X user praised the simplicity of the man and wrote, "That's called the Power of Simplicity, the Power of Compounding over the period & staying away from Panic Sell. Investing can change the paradigm shift of wealth creation over other factors". The video has garnered 1.3 million views and amassed more than 6,000 likes so far."Exciting news! Mint is now on WhatsApp Channels