Pandemic coronavirus has caused a lot of financial loss to the world economy and from a small scale to big corporates, this coronavirus is breaking the backbone of every businessman.
COVID19 is causing a loss of $300 million every day to Mukesh Ambani from last to months. His wealth has dropped from $58.4 billion to $48 billion dollars. According to the Hurun Global Rich List report on 31st march, Ambani has slipped from 16th position to 17th position in the World’s Top Richest People list.
Shares of his flagship company Reliance Industries has fallen from levels of Rs 1,400 in the first week of February to close at Rs 1,077 on Friday (April 3). RIL shares fell to a fresh 52-week low of Rs 875.65 during this market correction before making some recovery amid talks of Facebook buying a stake in the conglomerate’s telecom unit Jio.
The COVID-19 led market correction has also impacted the fortunes of other top Indian billionaires. According to the Hurun Global Rich List, Gautam Adani’s wealth eroded by $6 billion or 37% while HCL Tech’s Shiv Nadar and Uday Kotak lost $5 billion (26%) and $4 billion (28%) respectively from their net worth. All the above three billionaires have dropped off the top 100 list, leaving Ambani as the only Indian in the league.