Country’s wealthiest lose billions in bear hug
Mukesh Ambani’s family, promoter of Reliance Industries Ltd, has seen its net worth slip 32 per cent, but it still remains on the top the country’s richie-rich list.business Updated: Sep 22, 2008 21:02 IST
The 10 richest business families of the country have seen their wealth erode between 15 per cent and 76 per cent since the stock market began sliding at the start of the year amid a global meltdown. The losses, albeit notional, got just bigger with the market slide that followed the latest financial turmoil in the United States.
Mukesh Ambani’s family, promoter of Reliance Industries Ltd, has seen its net worth slip 32 per cent, but it still remains on the top the country’s richie-rich list. The net worth of estranged brother Anil Ambani and his family has also shrunk 38 per cent, but there is no change in his rank.
Losing out in a big way is DLF’s K P Singh and family that has seen its net worth erode more than 67 per cent and give way to promoters of Bharti Airtel — Sunil Bharti Mittal and family — to the third slot on list of India’s richest.
Shares of Bharti Airtel have lost the least among the top companies.
The realty sector has been the hardest hit, since the a housing bubble in the United States got worse and roiled stock markets worldwide.
Unitech share prices have fallen by 76 per cent since the stock market scaled a new peak on January 10. Azim Premzi of Wipro has moved to the fifth place, followed by Kumar Mangalam of Aditya Birla Group and Tulsi Tanti of Suzlon Energy.
The only lady in the list of top ten, Savitri Jindal, wife of late OP Jindal and chairman of Jindal Group stands at the eighth position, having lost a net worth of 51 per cent.
The promoter’s worth has been calculated by adding promoter’s worth in the listed entities of the group on January 10 and September 19.