State-run firms biggest wealth destroyers in last six yeas, say MF veterans

State-run firms have been the biggest wealth destructors in the last six years, despite operating in monopolistic or oligopolistic setups, asset managers said on Monday.

The government has been pressing citizens to pay taxes and be compliant, but they have very little to show regarding improved efficiencies in the companies they themselves own, the managers added.

"If you look at the biggest wealth destroyer over the last six years, it has been the government-owned companies... PSUs including banks, utilities, oil companies etc. While it is nice to tell Indians to reform, we also have to hold mirror in some of these," said