India’s richest five lose over $10 bn in market fall

India’s richest five lose over $10 bn in market fall

New Delhi, 12 Aug: The rout on stock market has left no one untouched -- not even the country’s richest billionaires -- with the top five led by Reliance Industries chairman Mukesh Ambani losing more than ten billion dollars in just about a fortnight.

Besides Ambani, those who were accumulating wealth from a surge in bourses till a few days back and subsequently saw billions of dollars being wiped off include younger brother Anil, realty giant DLF’s Kushal Pal Singh, telecom major Bharti Airtel’s Sunil Mittal and Wipro chairman Azim Premji.

India’s five richest persons, based on value of their stock holdings, have seen their cumulative wealth plummeting by $10.05 billion since 27 July, the day bourses began their slide on concerns emanating in the US subprime lending market that has since spread across the world.

The market’s benchmark index, Sensex, has lost over 900 points since 27 July, while the total investor wealth, measured in terms of the collective market capitalisation of all the listed entities, has also gone down by close to $52 billion(over 2,10,000 crore) during this period.

This means that the richest five, who account for more than one-tenth of the total wealth invested in stock market, have shared nearly one-fifth of the total loss.

Their combined wealth has gone down to $116.75 billion (about 4,72,256 crore), from a high of 126.8 billion dollars on 26 July.

Mukesh Ambani, the richest of all, saw the biggest fall with his net worth plummeting by $2.6 billion from $40.5 billion (Rs 1,63,000 crore) on 26 July to $37.9 billion (Rs 1,53,200 crore) as on 10 August.