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20 Out of 60 Billionaires are No More Billionaires
Bangalore: Economic downfalls lead to the collapse of stock market and the government’s policy paralysis mopped out a portion of capitals of India’s Exclusive billionaire club, which has lost more than 30 percent of its members in 2011, stated by a study of ET intelligence Group, conducted by Rajesh Mascarenhas, ET Bureau.
According to Forbes, India still remains on top of the heap when it comes to producing billionaires in Asia, which is just behind China. The study revealed that almost 20 billionaires out of 60 were excluded from the exclusive club. Some of them are – RPG Group’s HV Goenka, Lanco Group’s LM Rao, the Dhoot brothers of Videocon, GTL’s Manoj Triodkar and Tulsi Tanti of Suzlon.
Motilal Oswal, chairman & MD, Motilal Oswal Financial Services said, “Promoters and investors suffered and big losses in 2011 as market sentiment was hit by macroeconomic concerns over GDP growth, fiscal deficit, corporate earnings, policy reforms and weak global cues.” According to ET Stats, the sharp 27 percent fall in india’s market capitalization in 2011 lead straight 38 percent loss to the wealth of billionaires wealth.