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Indian billionaires lose $212 Billion in one year
By siliconindia
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Saturday, 15 November 2008, 00:11 IST |
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New Delhi: Global financial crisis has snatched away a massive $212 billion from India's richest people, says Forbes Magazine.
During the crisis, which had taken toll on India's stock markets and property prices, Steel tycoon Laxmi Mittal saw his fortune drop by $30.5 billion amid declining steel prices, forcing him to vacate the four-year held Numero Uno position to Reliance Industries' Mukesh Ambani. Meanwhile, the Ambani Brothers - Mukesh and Anil - together lost as much as $60.7 billion since the past year. Last year, Mittal had a net-worth of $ 51 billion.
The combined net-worth of India's 40 richest has nosedived by 60 percent. Mentioning that these are painful times for India's tycoons, Forbes said compared with the last year, the net-worth of the country's 40 wealthiest people fell by $ 212 billion to $139 billion.
"Thirty three of the 34 tycoons who returned to the rankings of India's richest are at least 20 percent poorer than they were a year ago," the magazine said.
"Only one fortune from last year's ranks increased, that of brothers Malvinder and Shivinder Singh, who sold their 34 percent stake in Ranbaxy Laboratories to Japan's Daiichi Sankyo at a hefty premium to its current stock price, adding $550 million to their combined wealth," it added.