Ambanis melting down the most

Font Size

Print

Feedback

Email

Discuss

• Discount UK Shopping

Related Articles

LB cites RIL bid, gets more time for rejigRIIL net up 3.5%RIL adds Rs 3,465 cr to Lyondell arsenalRIL sweetens Lyondell offer to $13.5 billion

Mumbai, Oct 26 : 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, 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 (Rs 20,00,000 crore), with promoters accounting for more than the half.

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% 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 began to feel the heat only around that time after defying the bear-rampage for some time.