Ambani siblings overtake Mittal in wealth erosion
The focus is always on who is the richest among Ambani brothers and Lakshmi Mittal but Mukesh and Anil are ahead of the India-born steel tycoon in terms of losses suffered due to the global stock meltdown.business Updated: Oct 26, 2008 18:55 IST
The focus is always on who is the richest among Ambani brothers and Lakshmi Mittal but Mukesh and Anil are ahead of the India-born steel tycoon in terms of losses suffered due to the global stock meltdown.
But in terms of loss in percentage terms, realtors Ramesh Chandra of Unitech and K P Singh of DLF are among the top losers, an analysis of group market capitalisation and shareholding value of the 10 richest Indians reveals.
Since the market peaked in January, the groups led by 10 richest Indians have collectively lost over 400 billion dollars (Rs 20,00,000 crore), with promoters accounting for more than the half.
With share prices falling like a ninepin after the Sensex reached its pinnacle of 21,206.77 points in January, bears are ruling the roost, making it a dark Diwali for the richie-rich Indians.
According to a list of the world's richest billionaires published by American business magazine Forbes in March, Lakshmi Mittal was ranked as the richest Indian, followed by Mukesh Ambani, Anil Ambani, K P Singh, Shashi and Ravi Ruias, Azim Premji, Sunil Mittal, Kumar Mangalam Birla, Ramesh Chandra and Gautam Adani in the top 10.
The groups led by these 10 have seen an erosion of 50-93 per cent in their market values since January 10, the day when the Sensex scaled its life-time peak and after which the downslide began on Indian bourses.
While the US and European bourses had come under pressure months before January 10, Lakshmi Mittal-led ArcelorMottal -- the world's largest steelmaker when the NRI business tycoon holds nearly 45.7 per cent stake -- began feeling the heat only around that time after defying the bear-rampage for some time.