Mittal loses £16 b in global meltdown | business | Hindustan Times
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Mittal loses £16 b in global meltdown

business Updated: Oct 05, 2008 23:50 IST
Vijay Dutt

Steel baron Lakshmi N. Mittal’s fortune plummeted by £16 billion in just 120 days due to the recession-hit stock market. He heads a list of 10 super-rich losers, including Anil Agarwal (who lost £2.9b), their total fall in fortune being £23 billion from their peaks.

With an estimated wealth of £27.7 billion according to the Times Rich List 2008, Mittal has seen his family’s stake in ArcelorMittal fall from £33.24 billion on June 4 this year to £16.63 billion at the close of Friday’s markets.

Despite the big loss, he remains the wealthiest in Britain.

Other losers include Charles Dunstone and David Ross, co-founders of Carphone Warehouse. Dunstone’s shareholding has fallen from £1.1 billion to £497m, while Ross has lost £372 million.

Lord Rothemere, chairman of the Daily Mail and General Trust, has been hit hard by the fall in advertising revenue,

with the value of his shareholding falling from £707 million in May 2007 to £275 million.