Rahul Gandhi did not directly hold any stock in 2019, according to an affidavit filed at the time (Documents)

Rahul Gandhi’s wealth has grown by more than 28% in the past five years, helped by stock investments during the bull market in Indian stocks.

Mr Gandhi, who is positioned as a challenger to Prime Minister Narendra Modi in national elections starting on April 19, has invested in 25 stocks, including Blue chip stocks such as ITC Ltd. and Hindustan Unilever Ltd. Election Commission of India.

He has also invested in small and mid-cap companies such as Tube Investments of India Ltd., which have performed strongly in recent months.

Rahul Gandhi, from Wayanad in Kerala, did not directly hold any shares in 2019, according to an affidavit filed at the time. His stock investments come as Indian stocks surge on investor optimism about the world’s fastest-growing major economy.

As of March 15, his stock portfolio was worth 43.36 million rupees ($519,970), while mutual fund investments were 38.13 million rupees. His total assets rose to Rs 204 million from Rs 159 million five years ago.

The South Asian country’s market is currently the world’s fifth largest, valued at $4.5 trillion, briefly surpassing Hong Kong earlier this year. Jefferies Financial Group estimates that the Indian stock market will be worth $10 trillion by 2030.

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