Sri Tirumala Venkateswara Temple has declared bankruptcy due to the COVID-19 lockdown.

TTD trust has revealed that they have undergone a loss in revenue of Rs 400 crore due to the COVID-19 lockdown but have not declared for bankruptcy.

TTD trust has revealed that they have undergone a loss in revenue of Rs 400 crore due to the COVID-19 lockdown but have not declared for bankruptcy.Tirumala Tirupati Devasthanams(TTD) trust which manages the Tirumala Venkateswara Temple on 10 May 2020, revealed that the temple suffered a revenue loss of Rs 400 crore but has not implemented pay cuts for its nearly 23,000 staff and is confident of paying full salaries for the next two to three months.

Sri Tirumala Venkateswara Temple attracts 80,000 to 100,000 devotees every day but not seen a single devotee for about two months due to lockdown which led to loss its revenues. The TTD chairman YV Subba Reddy said that while the average monthly income at Tirumala stood around Rs 200-220 crore, there has been no revenue since the lockdown as the temple has been closed to devotees.

Tirupati temple is reported to have nine tonnes of gold reserve and Rs 14,000 crore fixed deposits in various banks. TTD Chairman Y. S. Subba Reddy in an exclusive statement to IANS said that Chief Minister Y.S. Jagan Mohan Reddy has instructed the TTD not to withdraw money from the fixed deposits or gold deposits in the bank during the COVID-19 crisis.

Therefore, it can be concluded that Sri Tirumala Venkateswara Temple has suffered a huge loss in its revenue due to the COVID-19 lockdown but the temple has not declared for bankruptcy.

TTD trust has revealed that they have undergone a loss in revenue of Rs 400 crore due to the COVID-19 lockdown but have not declared for bankruptcy.