Mukesh Ambani, Gautam Adani, Savitri Jindal and two other richest billionaires of India cumulatively lost nearly $10 billion in their net worth on India’s ‘Black Monday’ today, fuelled by a massive stock market crash.
The five billionaires who lost most wealth on Monday, April 7, were – Mukesh Ambani, Gautam Adani, Savitri Jindal, Shiv Nadar and DLF’s Kushal Pal Singh.
Together, they lost a total of $9.89 billion, according to Forbes Real Time Billionaires list.
The billionaires’ fall in fortune comes amid a massive stock market crash at the Dalal Street on Monday due to the economic fallout of global trade war triggered by US President Donald Trump’s tariff policies.
Registering its worst session in 10 months, Indian stock market benchmark Sensex ended with a solid loss of 2,227 points, or 2.95 per cent, at 73,137.90 on Monday. Nifty 50 closed at 22,161.60, down 742.85 points, or 3.24 per cent.
Here is the list of five billionaires who lost most wealth due to Monday’s Indian stock market crash, and how much they lost.
Mukesh Ambani
Mukesh Ambani, the chairperson of Reliance Group, and the richest person in India, was the biggest loser on Black Monday stock market crash. The billionaire saw his net worth fall by $2.9 billion to $88.4 billion.
Gautam Adani
Gautam Adani, who is the chaiperson of the Adani Group, and the second richest person in India, saw his net worth falling by $2.8 billion on Monday. After the stock market close today, Gautam Adani’s net worth stood at $57.6 billion, as per Forbes.
Savitri Jindal
Savitri Jindal and family was the third biggest loser of Monday’s stock market crash. The chairperson of steel, power, cement and infrastructure major Jindal Group saw her net worth falling by $2.3 billion to $33.8 billion.
Kushal Pal Singh
Real estate mogul Kushal Pal Singh, who founded DLF, saw his wealth decline by $988 million due to the stock market crash that affected millions of other investors. As of Monday night, Singh’s net worth stood at $13.5 billion.
Shiv Nadar
HCL Tech co-founder Shiv Nadar was the fifth person in the list to have lost most wealth on Monday. Nadar’s net worth decreased by $902 million amid the bloodbath at D-Street. His fortune now stands at $31.5 billion, still keeping him the fourth richest person in India.
India stock markets today
In a horrible day for investors, the 30-share BSE benchmark Sensex tanked 2,226.79 points, or 2.95 per cent, to settle at 73,137.90. During the day, the benchmark index slumped 3,939.68 points, or 5.22 per cent, to 71,425.01.
Intra-day, the benchmark dropped 1,160.8 points, or 5.06 per cent, to 21,743.65.
All Sensex companies, except Hindustan Unilever, ended lower. Tata Steel fell the most by 7.73 per cent followed by Larsen & Toubro which cracked 5.78 per cent. Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards.
