Ambani, Adani wealth sinks: $10.3b plunges amid market tumble

The Economic Times :

India’s top four billionaires have collectively experienced a $10.3 billion drop in their net worth due to a significant selloff in the markets, The Economic Times reported.

Mukesh Ambani, the wealthiest individual in India, saw his fortune decline by $3.6 billion, bringing his net worth to $87.7 billion. Gautam Adani, the second richest, faced a $3 billion decrease, reducing his wealth to $57.3 billion. Savitri Jindal & family’s net worth fell by $2.2 billion to $33.9 billion, while Shiv Nadar’s fortune diminished by $1.5 billion, leaving him with $30.9 billion. This drop comes amid a broader market downturn that has affected many top billionaires worldwide.

The decline in the wealth of these billionaires coincided with a drastic fall in Indian benchmark indices, driven by global market weaknesses. As the Sensex dropped over 3,900 points and the Nifty index fell below 22,000, broad-based selling was observed across sectors. Notably, the Nifty Metal and Nifty IT indices plummeted by 8% and over 7%, respectively.

Despite the market’s instability, Warren Buffett emerged as an exception among the world’s billionaires. This year, he has increased his net worth by $12.7 billion, taking it to $155 billion, even as other billionaires faced losses. This highlights a stark contrast in fortunes amid global financial turbulence. In India, the impact of US tariffs is expected to be limited due to the country’s relatively low export percentage to the US, accounting for only about 2% of GDP.

Globally, other notable billionaires have also faced significant declines in their wealth. Elon Musk’s wealth decreased by $130 billion to $302 billion, while Jeff Bezos saw a $45.2 billion drop, bringing his net worth to $193 billion. The fortunes of Mark Zuckerberg and Bernard Arnault also saw substantial reductions, underscoring the widespread impact of the current market turbulence.