- Ace investor Radhakishan Damani is the only Indian billionaire on the Bloomberg Billionaire Index, which given the market turmoil is still positive for this calendar in terms of wealth.
Ace investor Radhakishan Damani is the only Indian billionaire on the Bloomberg Billionaire Index, which given the market turmoil is still positive for this calendar in terms of wealth creation. This, even as the richest Indian, Mukesh Ambani, has been the fifth-largest net worth loser globally.
Damani, owner of the D-Mart supermarket chain, as of Friday was worth $10.1 billion, with his capital up to the present $416 million. On the other hand, Ambani has seen nearly 32 percent of wealth loss in the midst of a free fall in crude oil prices and the stock market mayhem. His oil-to-telecom behemoth, the value of RIL as of Friday stood at $40 billion, down $18.6 billion for the year.
The nearly $19 billion net worth fall for Ambani was the world’s fifth-worst off similar losses suffered by global billionaires Bernard Arnault (down $36.9 billion), Amancio Ortega (down $23.4 billion), Warren Buffett (down $19.1 billion) and Mark Zuckerberg (down $18.9 billion).
Other Indian billionaires like Wipro Azim Premji (down $3.23 billion to $15.1 billion), HCL Tech’s Shiv Nadar (down $2.27 billion to $13.5 billion), Kotak Mahindra’s Uday Kotak (down $2.41 billion to $12.4 billion) and Lakshmi Mittal (down $4.53 billion to $8.64 billion) all suffered major wealth loss in this market crash.
For the ongoing calendar, shares of Mukesh Ambani’s flagship Reliance Industries have tumbled 30.87 percent, IT stock Wipro has dropped 22 percent while HCL Tech has declined 13 percent. Kotak Mahindra Bank has slid 12.83 percent. But Damani’s D-Mart is still up 8.64 percent year-to-date.
Concerns over coronavirus spread have spooked investors the world over. The meltdown has wiped out Rs 46 lakh crore off domestic equities since January 20.
The total market capitalization of BSE-listed firms tanked to Rs 113.49 lakh crore as of Friday from Rs 159.28 lakh crore 38 sessions ago, when the benchmark equity indices scaled their all-time highs.
The stock market decline has also had an effect on the properties of Mukesh Ambani. For that, in 70 days, there was a loss of around $15.20 billion (1.11 lakh crore) in its reserves.
Ambani’s head has also been taken away from the crown of Asia’s wealthiest. The crown of being Asia’s richest individual now belongs to Alibaba’s CEO Jack Ma. Aside from that, Jack Ma was ranked 18th in the Bloomberg Billionaires Index on the list of the richest people in the world on March 11, while Mukesh Ambani came in 19th.
