New Delhi: The bull run on the Indian stock market, which has pushed the benchmark Sensex by about 40% in one year, is also making the country’s rich even richer with the combined wealth of top five led by Mukesh Ambani swelling past 100 billion dollars.
The net worth of Reliance Industries Chairman Mukesh Ambani - India’s richest in terms of stock market valuation - today rose to over Rs 1,50,000 crore as his group’s flagship company Reliance Industries became the first Indian firm to achieve a market capitalistion of Rs2,50,000 crore.
Mukesh’s younger brother Anil has also consolidated his second position, while DLF’s Kushal Pal Singh and telecom czar Sunil Mittal have moved up the ranks to the third and fourth positions respectively on the back of strong share price rally in their respective listed group companies.
However, Wipro’s Azim Premji, once India’s richest person, has moved down to the fifth position, mainly due to dilution in his stake in the country’s third largest IT firm.
Earlier in March this year, US-based business magazine Forbes had ranked Mukesh the richest in India with a net worth of $20.1 billion, Anil at second with $18.2 billion, Premji at third with $17.1 billion, Singh at fourth with $10 billion and Mittal at fifth with $9.5 billion of wealth.
Based on today’s market value of the group companies of the five billionaires, their collective net worth stood at about $119 billion -- representing nearly 60% from about $75 billion mentioned in the Forbes list.
In rupee terms, their collective wealth stood at about Rs 4,80,000 crore -- which is over 10% of total investors wealth of about Rs 45,00,000 crore in Indian equity market.