Global risk aversion sparked off by coronavirus has wiped out major wealth for top Indian billionaires. Reliance Industries’ Chairman Mukesh Ambani, the richest man in India and whole of Asia, has lost some $5 billion of his wealth year to date in notional terms.
Aditya Birla Group Chairman Kumar Mangalam Birla is poorer by $884 million, as per Bloomberg Billionaire Index. IT tycoon Ajim Premji’s wealth is down by $869 million and industrialist Gautam Adani’s by $496 million in just two months.
Uday Kotak and Sun Pharma’s Dilip Sanghvi also are among the biggest losers, as stocks of their companies have received a huge battering, destroying major wealth.
Most of this wealth erosion happened over the last 15 days, when domestic equity indices have come tumbling down. BSE Sensex has crashed nearly 3,000 points in 11 sessions since February 12, when Dalal Street first caught the chill from the virus. This stock rout has wiped off Rs 11.52 lakh crore of equity investors’ wealth on Dalal Street.
In tandem, broader market indices have also seen severe correction during this period, wiping most of their gains logged so far in 2020.