April 7th: The net worth of India's richest man Mukesh Ambani
dropped 28 per cent a day for two months to $48 billion
as on March 31 due to the huge fall in stock markets, a report
said on Monday.
The
chairman and managing director of Reliance Industries
saw his wealth decline to $19 billion, taking his global ranking down from 8th places to 17th, Hurun Global Rich List said.
According to Hurun Report India, “India's
top entrepreneurs have been hit by a 26 per cent drop in the stock
markets and a 5.2 per cent drop in the value of the rupee compared with
the US Dollar. For Mukesh Ambani, it has been a perfect storm, with his
wealth down 28 per cent,”
Other Indian businessmen who have seen a major drop in wealth includes Gautam Adani (Adani Group), Shiv Nadar (HCL Technologies), and banker Uday Kotak (Kotak Mahindra Bank).
With
hospitality coming under intense pressure due to the pandemic, shared
economy platform Oyo Rooms' Ritesh Agarwal is “no more a billionaire”,
the rich list said.
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