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

Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged
Indian billionaires Gautam Adani (left) and Mukesh Ambani (right)BCCL/BI India
  • 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 touted for adding 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.

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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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