India’s richest man Mukesh Ambani’s net worth has dropped 28 per cent or US D 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, a report said .
The chairman and managing director of the diversified Reliance Industries saw his wealth decline to USD 19 billion, taking his global ranking down eight places to 17th, the Hurun Global Rich List said. Other Indian businessmen who have seen a major drop in wealth include Gautam Adani whose wealth eroded by USD 6 billion or 37 per cent, HCL Technologies’ Shiv Nadar (USD 5 billion or 26 per cent) and banker Uday Kotak (USD 4 billion or 28 per cent), it said.
All the three have dropped off the top 100 list, leaving Ambani as the only Indian in the league. The Indian market has corrected by 25 per cent in the last two months as the economic costs and impact of the COVID-19 pandemic on companies led to a sell off across the world.