Airtel’s Sunil Mittal added over $2 billion while Mukesh Ambani lost more than $13 billion
Sunil Mittalwas among the only three billionaires who gained while other 97 billionaires in India including Mukesh Ambanilost billions of dollars.
- Mittal, the founder and chairman of Bharti Enterprises added $2.3 billion to his net worth in last one year, according to Forbes richest billionaires list.
- However, Airtel was also among the stocks that were trading in red because of coronavirus led market crash.
Mittal has interests in telecom, insurance, real estate, education, malls, hospitality, food and agriculture. Many of these segments have been hit by the disruption brought about by the spread of COVID-19 but the founder and Chairman of Bharti Enterprises added $2.3 billion to his net worth in the last one year, according to Forbes richest billionaires list. He is worth $9.5 billion, according to Forbes real-time net worth estimates.
His net worth increased from $6.5 billion (March’19) to $8.8 billion (March 2020). Speculations that Indian market may become a duopoly, led by Jio and Airtel after the fall of Vodafone-Idea, has been a big driver for the stock of Airtel and, thereby, Sunil Mittal whose family owns 27% stake in the telecom major.
In spite of its own troubles, Airtel’s stock jumped to ₹536 in February from ₹350 in October last year.
Airtel is among the handful of companies that are likely to recover quickly from the coronavirus impact. Moreover, the pending decision on fixing floor price might also boost Airtel’s growth, says a CLSA report. It is also the no.2 stock in JM Financial’s large-cap portfolio that has 3.5% of the money in Airtel.
See also: Airtel and Vodafone Idea's annual plans offer better value than Reliance Jio
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