- As the Indian markets went for a nose dive, billionaires
Gautam Adani andMukesh 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.
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.
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.
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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