2016: How the year impacted India’s billionaires

Year 2016 has been very volatile for the Indian equity markets. Here’s a list of top five Indian billionaires who lost the maximum networth that went by.

Year 2016 has been very volatile for the Indian equity markets. First came Brexit – UK voting to exit European Union then Donald Trump’s surprise sweeping victory in US Presidential elections and at the end came the biggest of all of them – Demonetisation. As stock yo-yoed due to global and domestic factors, billionaires too felt the heat. Four out of top five billionaires list have lost money in 2016 as compared to last year. According to Bloomberg data, Dilip Shanghvi – MD of Sun Pharma lost almost $4 billion of his networth followed by chairman of Wipro, Azim Premji who lost $3 billion. Shiv Nadar (founder and chairman of HCL group) and Pallonji Mistry, chairman of Shapoorji and Pallonji Group lost $0.5 billion each in the same period. Reliance Industries’ chairman Mukesh Ambani was the only exception as he added $0.7 billion during the year. He also retained the top spot in India’s billionaires list.

Dilip Shanghvi, MD of Sun Pharma lost almost $4 billion of his networth (HT File)