A big blow to India’s richest business tycoon, Mukesh Ambani lost Rs 293978925000 and Gautam Adani suffered a loss of Rs 520050437500.
Mukesh Ambani’s wealth fell by $3.42 billion. He also quit the list of the world’s top ten wealthiest people and is now ranked 17th with a net worth of $87.2 billion.
India’s wealthiest business tycoon’s net worth fell by $30.5 billion (approximately Rs 2.6 lakh). The decline is due to the impact of global economic uncertainty, stock market volatility and the positive tariff policy of former U.S. President Donald Trump, which has exacerbated global trade tensions.
Famous billionaires such as Mukesh Ambani, Gautam Adani, Shiv Nadar, Savitri Jindal, Dilip Shanghai and Azim Premji were all affected. Although the value of Reliance Industries fell by 0.1% this year and Jio Financial Services fell by 24%, the wealth of India’s richest billionaire Mukesh Ambani fell by $3.42 billion. With a net worth of $87.2 billion, he is now ranked 17th in the world and has exited the top ten wealthiest roster.
Gautam Adani faces a $6.05 billion loss as Adani Enterprises shares fell 9%. Shiv Nadar, founder of HCL Technologies, saw the biggest decline, his wealth dropping by $10.5 billion. Meanwhile, Shapoor Mistry’s net worth fell by $6.5 billion.
Sensex and Nifty are the two major stock indexes in India, down 4.5% so far this year. BSE Medium and SmallCAP indexes recorded 14% and 17% losses, respectively.
The withdrawal of funds from the Indian market by foreign institutional investors (FIIs) is one of the reasons for this decline. Investors are increasingly wary of the stock market due to fears of a global recession and high prices.
