Shocking Crash: India’s Super Rich Lose $17 Billion in Monday’s Market Meltdown | Markets Update
Market Meltdown Slashes Wealth of India’s Richest by $17 Billion
Published: Aug 07, 2024 | 12:03 AM IST
Last Updated: Aug 07, 2024 | 12:03 AM IST
India’s wealthiest individuals collectively faced a staggering $17 billion (Rs 1.44 trillion) reduction in net worth during Monday’s market crash, sparked by fears of a recession in the United States. The overall market capitalisation of all BSE-listed companies plunged by $178 billion (Rs 15 trillion) as the key indices Sensex and Nifty tumbled nearly 3%.
Mukesh Ambani’s wealth took a hit of $4 billion, dropping to $108.8 billion, according to Bloomberg data. Gautam Adani, the second wealthiest individual in India, saw a more severe decline, with his net worth decreasing by $6.3 billion to $103.6 billion.
Other prominent billionaires, including Shapoor Mistry, Shiv Nadar, Savitri Jindal, and Kumar Mangalam Birla, also experienced losses of approximately $1 billion each.
The market downturn highlights the severe financial impact of global economic uncertainties on India’s richest.
Original Story https://www.business-standard.com/markets/news/india-s-super-rich-lost-17-billion-in-monday-s-stock-market-crash-124080700003_1.html
Category :
Tags:
