Small investors take heart, top 10 in rich list lost $139 bn
India's top 10 promoters and biz families are poorer by a whopping $139 bn, thanks to the recent meltdown in market. Expert's views on mkts | Guidelines for investors
By Karan Sehgal, ET Bureau |
India���s top 10 promoters and business families are poorer by a whopping $139 billion, thanks to the recent meltdown in the market. The amount is equivalent to around 16% of India���s gross domestic product and more than the combined GDP of Uttar Pradesh and Maharashtra.
In percentage terms, India���s top billionaires have lost more than 60% of their wealth since January 2008. The country���s top 10 business houses are now worth $84 billion (Rs 4.1 lakh crore) compared with $223 billion (over Rs 10 lakh crore) at the peak of the stock market early this year.
The biggest loser has been Anil Ambani with a loss of $32.2 billion. A sharp decline in stock prices in his leading group companies has resulted in more than 70% fall in the market value of Ambani Jr���s stake in his group���s listed entity. Based on Friday���s closing price, Anil Ambani is now worth $12.9 billion against $45.1 billion in January this year.
Mukesh Ambani continues to be India���s richest promoter despite 54% fall in his networth to $22 billion. Bharti Airtel���s Sunil Mittal has turned out to be most lucky among the pack. His networth has fallen by just 31% in the past nine months and is now closely behind Tata Group as India���s fourth-richest promoter. His stake in Airtel is now worth $12 billion compared with $17 billion in January this year.
In relative terms, the biggest fall has been recorded by the real estate barons ��� KP Singh (DLF) and Chandra���s (Unitech). A sharp decline in DLF���s stock price has now reduced KP Singh���s networth to over one-fourth of its level in January this year. Mr Singh is now worth $9 billion against nearly $35 billion early this year. Ramesh Chandra of Unitech has lost nearly 85% of his networth and is now worth only $2 billion compared with nearly $13 billion at the beginning of the year.
The old adage of ���not putting all your eggs in one basket��� needs to be given a re-consideration as the most diversified Tata Group has lost more than half of its networth in the past nine months. And the story does not end here. Anil Agarwal, the promoter of Sterlite Industries, one of the largest metal companies of India, lost $10 billion of his networth.
It is surprising to note that Tulsi Tanti, promoter of Suzlon, who earlier featured in the list of richest 10 promoters did not even figure in the list this time. He has lost more than four-fifths of his networth as stock market hammered Suzlon���s stock price over concerns of a global economic slowdown.
In order to calculate a promoter���s networth, we have excluded the cross holding among group companies. For instance, to calculate Mukesh Ambani���s networth, we have excluded the value of RIL���s stake in Reliance Petroleum.
In percentage terms, India���s top billionaires have lost more than 60% of their wealth since January 2008. The country���s top 10 business houses are now worth $84 billion (Rs 4.1 lakh crore) compared with $223 billion (over Rs 10 lakh crore) at the peak of the stock market early this year.
The biggest loser has been Anil Ambani with a loss of $32.2 billion. A sharp decline in stock prices in his leading group companies has resulted in more than 70% fall in the market value of Ambani Jr���s stake in his group���s listed entity. Based on Friday���s closing price, Anil Ambani is now worth $12.9 billion against $45.1 billion in January this year.
Mukesh Ambani continues to be India���s richest promoter despite 54% fall in his networth to $22 billion. Bharti Airtel���s Sunil Mittal has turned out to be most lucky among the pack. His networth has fallen by just 31% in the past nine months and is now closely behind Tata Group as India���s fourth-richest promoter. His stake in Airtel is now worth $12 billion compared with $17 billion in January this year.
In relative terms, the biggest fall has been recorded by the real estate barons ��� KP Singh (DLF) and Chandra���s (Unitech). A sharp decline in DLF���s stock price has now reduced KP Singh���s networth to over one-fourth of its level in January this year. Mr Singh is now worth $9 billion against nearly $35 billion early this year. Ramesh Chandra of Unitech has lost nearly 85% of his networth and is now worth only $2 billion compared with nearly $13 billion at the beginning of the year.
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The old adage of ���not putting all your eggs in one basket��� needs to be given a re-consideration as the most diversified Tata Group has lost more than half of its networth in the past nine months. And the story does not end here. Anil Agarwal, the promoter of Sterlite Industries, one of the largest metal companies of India, lost $10 billion of his networth.
It is surprising to note that Tulsi Tanti, promoter of Suzlon, who earlier featured in the list of richest 10 promoters did not even figure in the list this time. He has lost more than four-fifths of his networth as stock market hammered Suzlon���s stock price over concerns of a global economic slowdown.
In order to calculate a promoter���s networth, we have excluded the cross holding among group companies. For instance, to calculate Mukesh Ambani���s networth, we have excluded the value of RIL���s stake in Reliance Petroleum.
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