Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged

• As the Indian markets went for a nose dive, billionaires Gautam Adani and Mukesh Ambani cumulatively saw a nearly $7 billion fall in their net worth.
• Adani lost $4.2 billion in the face of all of his companies tracking in the red on April 12.
• Ambani lost $2.7 billion and Reliance Industries was one of the key companies dragging the market down.

Two of the richest men in India, Gautam Adani and Mukesh Ambani, saw $7 billion of their wealth wiped out as the Indian stock exchanges went for a dive on April 12. The Sensex crashed over 1,700 points while the Nifty 50 closed 3.53% lower from where it began the day.

According to the Forbes Billionaire Index, Adani lost $4.2 billion as all of his group companies saw red in the markets.

This is a complete u-turn from last month, when Adani was $4 more billions to his wealth than anyone else. He had beaten even Amazon’s Jeff Bezos, Tesla and SpaceX founder Elon Musk, Warren Buffet, and others for the crown.

Company	% change in share price on April 12
Adani Transmission Limited	-5%
Adani Ports and Special Economic Zone	-8.94%
Adani Green Energy	-5%
Adani Total Gas	-9.36%
Adani Power	-4.97%
Adani Enterprises	-11.1%

Ambani, on the other hand, took a hit of $2.7 billion. In fact, Reliance Industries was one of the biggest drags on the market.

Company	% change in share price on April 12
Reliance Industries	-3.35%
Reliance Power	-9.3%
Reliance Home Finance	-4.08%
Reliance Infrastructure	-10.25%
Reliance Industrial Infrastructure	-5.73%
Reliance Communications	-2.94%
Reliance Naval and Engineering	-4.84%
Reliance Capital	-4.57%

Analysts believe the downturn is a result of the second COVID-19 wave. The increase in active cases nationwide, and the subsequent lockdowns being announced at local levels, has investors wary of how production may bear the impact.

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