Andhra Pradesh Chief Minister N Chandrababu Naidu’s son reported a 23-fold increase in the value of his assets in a five-month period. The total value of Nara Lokesh’s assets is Rs 330 crore, according to his declaration to the Election Commission in the nomination papers for a seat at the state Vidhan Parishad, reported The Indian Express.

Lokesh owns shares worth Rs 273.84 crore in family enterprise Heritage Foods, besides ancestral property worth Rs 38.52 crore, fixed assets of Rs 18 crore and a loan, reported Hindustan Times. In October 19, 2016, his shares in Heritage Foods were worth Rs 2.52 crore, according to a declaration made by him at that time. The value of the shares he holds in the company went up to Rs 273.84 crore after the company sold off the majority of its retail business to Future Retail Ltd, retaining only 3.65% stake worth Rs 295 crore. The loss-making retail business was sold in November 2016.

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Lokesh said the assets declared by him in October 2016 had the value at which he had bought shares in Heritage Foods, which went up in value after the retail division was sold to the Future Group. “So, it is not correct to compare apples with oranges,” he said. “The growth is not lined to this sale, but to the wrong comparison of purchase price of shares long ago to the current market price in the affidavit to the Election Commission.”

His wife Nara Brahman’s assets also went up from Rs 5.38 crore to Rs 28 crore since October, while his two-year-old son Devansh’s assets remained the same at Rs 11.70 crore. His mother, who is the managing director of Heritage Foods, owns assets worth Rs 33.66 crore, and Chandrababu Naidu had Rs 67 lakh in assets, according to Lokesh’s October declaration. While his wife owns 1 lakh shares in Heritage Foods, his mother has 53 lakh shares in her name.