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Mukesh Ambani loses USD 1.9 billion every trading day

Hyderabad: Reliance Industries chairman Mukesh Ambani might retained his coveted tag of being the richest Indian for the eleventh time last week. But the market crash that the country witnessed last week has affected him the most.

According to Bloomberg Billionaire, Mr Ambani’s net worth stood at $47.2 billion on September 29 and it fell to $39.5 billion by October 5.

In the four trading sessions in the last week, Mr Ambani lost $7.7 billion, losing nearly $2 billion — $1.925 billion (`14,245 crore) to be precise — on each trading day.

With the net worth of $39.5 billion, Mr Ambani stands at 18th rank in the global billionaire index. The chairman of oil to telecom conglomerate has also fallen in the billionaire ranking by six places.

On September 28, Mr Ambani was the 12th richest person in the world. But India’s market crash that made him poorer by $7.7 billion also pulled him down to 18th rank.

Indian equity markets crashed last week after foreign investors pulled out over R Rs 9,300 crore from on unabated fall in rupee and rise in crude oil price.

The latest withdrawal comes following a net outflow of over Rs 21,000 crore from the capital markets (both equity and debt) last month. Prior to that, they had put in a net amount of Rs 7,400 crore in July-August.

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