Tatas, Birlas, other desi billionaires face around $1 billion losses due to demonetization; Reliance least affected
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After Prime Minister Narendra Modi announced demonetisation scheme, a sharp seven percent drop in the benchmark was witnessed. This happened as the scheme made Indian billionaires poorer over $1 billion and the list includes Tatas, Birlas and Mahindras taking the biggest hit in value terms.
According to data by ETMarkets.com, the promoters of Tata group firms and those of AB Birla and Mahindra group companies together have lost an amount $9 billion in market valuations in just eight sessions.
However, Mukesh Ambani-led Reliance group is the least affected in this spree.
Promoters of 27 Tata group firms combined lost Rs 39,636 crore in wealth between November 8 and November 21. TCS, where promoter holding stood at 73.33 per cent as of September 30, saw promoters lose Rs 21,839 crore in wealth due to the steep market correction.
Tata Motors is down by Rs 8,954 crore, Titan by Rs 3,131 crore and Tata Steel has witnessed a loss of Rs 1,128 crore were other three Tata group companies, where promoters saw wealth erosion.
The Tata firms earlier took a hit because of the Cyrus Mistry related feud.
However, promoters of Mukesh Ambani-led Reliance group lost only 1.78 per cent of their wealth, or Rs 2,760.6 crore, over the past eight sessions.Reliance Industries (down by Rs 1,748 crore) and TV 18 Broadcast (Rs 704 crore) were among the worst hit firms in the group in value terms.
In percentage terms, Shriram group promoters' lost the most as their wealth fell by 21 per cent, or Rs 2.772 crore, to Rs 9,913 crore. Piramal group promoters lost 14 per cent whole Anil Ambani's Adag group promoters also saw a similar cut.
Munjal (down 13.52 per cent), OP Jindal group (down 10 per cent), Murugappa Group (down 10 per cent) and Adani (down 9.83 per cent) were among the entities where the promoters lost about one-10th of their wealth in these eight sessions.
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According to data by ETMarkets.com, the promoters of Tata group firms and those of AB Birla and Mahindra group companies together have lost an amount $9 billion in market valuations in just eight sessions.
However, Mukesh Ambani-led Reliance group is the least affected in this spree.
Promoters of 27 Tata group firms combined lost Rs 39,636 crore in wealth between November 8 and November 21. TCS, where promoter holding stood at 73.33 per cent as of September 30, saw promoters lose Rs 21,839 crore in wealth due to the steep market correction.
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However, promoters of Mukesh Ambani-led Reliance group lost only 1.78 per cent of their wealth, or Rs 2,760.6 crore, over the past eight sessions.
In percentage terms, Shriram group promoters' lost the most as their wealth fell by 21 per cent, or Rs 2.772 crore, to Rs 9,913 crore. Piramal group promoters lost 14 per cent whole Anil Ambani's Adag group promoters also saw a similar cut.
Munjal (down 13.52 per cent), OP Jindal group (down 10 per cent), Murugappa Group (down 10 per cent) and Adani (down 9.83 per cent) were among the entities where the promoters lost about one-10th of their wealth in these eight sessions.
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