When a stock trader dies the company he founded will leave behind a legacy of trading in the Indian markets for more than three decades.
But his legacy, if it can survive a brutal decade in India, may not be as big as it once was.
A year after the company’s founder, Gyanesh Raja, died in Delhi from a heart attack, it was revealed that his daughter, Aishwarya, had become the head of the trading post.
Her decision to move to Delhi, in the capital’s financial district, has not gone unnoticed by her relatives.
The move has left the business, which had been run by Raja’s father, a legacy in its own right.
The family of Gyanashra has been campaigning for more transparency and accountability at the trading company.
Last year, the company announced it would no longer be able to use the name “Raja Trading Post.”
It is not just the trading posts that Raja left behind.
A new book, “Siddhartha: The Trading Post of Ganesha, by the Indian Nobel Prize-winning economist Anand Mahindra, details how the company has struggled to make its profits in the market, while making a fortune from its products.
Gyanashras business has grown rapidly in the last three years, with sales of Rs 6,000 crore (about $900 million) on average in 2017, according to the government’s National Stock Exchange.
The company was founded in 1994 and has since grown to become one of the world’s largest trading firms.
But in the first quarter of 2018, the share price fell 7.3% on fears the company would run out of money.
A year later, it closed its doors.
India’s largest stock exchange, the NASE, had warned of a “significant loss” in 2019 and warned investors against buying shares in the company.
The market collapsed in 2018 and 2019.
On Tuesday, the stock exchange said that Gyanas shares were worth about Rs 6 crore at the end of January 2019.
That was about 2.5 times the current market value of the company, it said.
They have finally given their legacy to the trading market,” Aishwar Kumar, a lawyer and member of the family, told Reuters.”
It is a great news.
They have finally given their legacy to the trading market,” Aishwar Kumar, a lawyer and member of the family, told Reuters.
But Gyanaraja Raja said she hoped the trading Post would survive and would eventually have the financial resources to expand.
“But I don’t think it is going to survive this long,” she said.
Raja, an economist, died at his home in the southern Indian city of Lucknow on Jan. 30, a day after his daughter announced her intention to become the company head.
His wife, Anurag, was on a visit to India when he died.
Ghanesh Rajas death prompted a campaign by his family to get the tradingPost back on the stock market, a campaign that ended with a public sale of the shares last month.