Ambani siblings overtake Mittal in wealth erosion
Tuesday, 28 October 2008
MUMBAI, Oct 27 (PTI): The focus is always on who is the richest among Ambani brothers and Lakshmi Mittal but Mukesh and Anil are ahead of the India- born steel tycoon in terms of losses suffered due to the global stock meltdown.
But in terms of loss in per centage terms, realtors Ramesh Chandra of Unitech and K.P. Singh of D.L.F. are among the top losers, an analysis of group market capitalisation and shareholding value of the 10 richest Indians reveals.
Since the market peaked in January, the groups led by 10 richest Indians have collectively lost over 400 billion dollars (Rs 20,00,000 crore), with promoters accounting for more than the half.
With share prices falling like a ninepin after the Sensex reached its pinnacle of 21,206.77 points in January, bears are ruling the roost, making it a dark Diwali for the richie-rich Indians.
According to a list of the world's richest billionaires published by American business magazine Forbes in March, Lakshmi Mittal was ranked as the richest Indian, followed by Mukesh Ambani, Anil Ambani, K.P. Singh, Shashi and Ravi Ruias, Azim Premji, Sunil Mittal, Kumar Mangalam Birla, Ramesh Chandra and Gautam Adani in the top 10.
The groups led by these 10 have seen an erosion of 50-93 per cent in their market values since January 10, the day when the Sensex scaled its life-time peak and after which the downslide began on Indian bourses.
While the U.S. and European bourses had come under pressure months before January 10, Lakshmi Mittal-led ArcelorMottal-the world's largest steelmaker when the Non Resident Indian(N.R.I.) business tycoon holds nearly 45.7 per cent stake-began feeling the heat only around that time after defying the bear-rampage for some time.
The collective market value of these 10 groups have slumped to nearly one-fourth of their valuation in this period to about 138 billion dollars at present, from a high of 541 billion dollars at the peak of the last bull run.
The fall has been comparatively less steeper in rupee terms as the Indian currency has also fell by close to one- fourth of its value from near 39.26 to 50.15 against the U.S. dollar during this period.
In rupee terms, these groups together have seen their market value dipping to nearly one-third at Rs 6.9 trillion at present from close to Rs 21.2 trillion on January 10.
Among these groups, the one led by Mukesh Ambani, the richest resident Indians, has suffered the maximum loss at about 99 billion dollars, followed by the group led by his estranged younger brother Anil Ambani at about 87 billion dollars.
Lakshmi Mittal-led ArcelorMottal has lost about 68 billion dollars of the wealth during the same period, while K.P. Singh- led D.L.F. has seen its market value getting eroded by about 43 billion dollars.
Besides, Sunil Mittal-led Bharti Airtel and Kumar Mangalam Birla-led group have lost about 26.5 billion and 24.5 billion dollars each. Ramesh Chandra-led Unitech, whose share price plunged by over 51 per cent on Friday alone, has lost about 20.5 billion dollars since January 10, while the losses have been between 9- 15 billion dollars for Azim Premji-led Wipro and groups led by Adani and Ruias.
But in terms of loss in per centage terms, realtors Ramesh Chandra of Unitech and K.P. Singh of D.L.F. are among the top losers, an analysis of group market capitalisation and shareholding value of the 10 richest Indians reveals.
Since the market peaked in January, the groups led by 10 richest Indians have collectively lost over 400 billion dollars (Rs 20,00,000 crore), with promoters accounting for more than the half.
With share prices falling like a ninepin after the Sensex reached its pinnacle of 21,206.77 points in January, bears are ruling the roost, making it a dark Diwali for the richie-rich Indians.
According to a list of the world's richest billionaires published by American business magazine Forbes in March, Lakshmi Mittal was ranked as the richest Indian, followed by Mukesh Ambani, Anil Ambani, K.P. Singh, Shashi and Ravi Ruias, Azim Premji, Sunil Mittal, Kumar Mangalam Birla, Ramesh Chandra and Gautam Adani in the top 10.
The groups led by these 10 have seen an erosion of 50-93 per cent in their market values since January 10, the day when the Sensex scaled its life-time peak and after which the downslide began on Indian bourses.
While the U.S. and European bourses had come under pressure months before January 10, Lakshmi Mittal-led ArcelorMottal-the world's largest steelmaker when the Non Resident Indian(N.R.I.) business tycoon holds nearly 45.7 per cent stake-began feeling the heat only around that time after defying the bear-rampage for some time.
The collective market value of these 10 groups have slumped to nearly one-fourth of their valuation in this period to about 138 billion dollars at present, from a high of 541 billion dollars at the peak of the last bull run.
The fall has been comparatively less steeper in rupee terms as the Indian currency has also fell by close to one- fourth of its value from near 39.26 to 50.15 against the U.S. dollar during this period.
In rupee terms, these groups together have seen their market value dipping to nearly one-third at Rs 6.9 trillion at present from close to Rs 21.2 trillion on January 10.
Among these groups, the one led by Mukesh Ambani, the richest resident Indians, has suffered the maximum loss at about 99 billion dollars, followed by the group led by his estranged younger brother Anil Ambani at about 87 billion dollars.
Lakshmi Mittal-led ArcelorMottal has lost about 68 billion dollars of the wealth during the same period, while K.P. Singh- led D.L.F. has seen its market value getting eroded by about 43 billion dollars.
Besides, Sunil Mittal-led Bharti Airtel and Kumar Mangalam Birla-led group have lost about 26.5 billion and 24.5 billion dollars each. Ramesh Chandra-led Unitech, whose share price plunged by over 51 per cent on Friday alone, has lost about 20.5 billion dollars since January 10, while the losses have been between 9- 15 billion dollars for Azim Premji-led Wipro and groups led by Adani and Ruias.