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The Indian stock market witnessed significant losses for investors last week, according to data from the Bombay Stock Exchange. The Sensex tumbled by 4,000 points, wiping out ₹17,000 crore for investors. This drop has impacted two Indian billionaires: Reliance Industries Limited Chairman Mukesh Ambani, who saw a dip in his net worth, and Gautam Adani, who is now out of the $100 billion club of the world’s richest people.
According to Bloomberg Billionaire Index, RIL chairman Mukesh Amabni suffered a loss of Rs 134448560000 while Gautam Adani has lost Rs 79156589700 this year so far.
Mukesh Ambani’s net worth has plunged from $162 billion to $105 billion. He still holds 14th rank in world’s richest persons while billionaire Gautam Adani witnessed a plunge of $94.2 billion in his net worth and he slipped to 18 position in the world’s richest persons list. The drop has excluded him from the $100 billion club.
Market pundits are of the view that escalation in the Iran-Israel conflict opening of China’s economy, with its easing rate policies, has diverted foreign institutional investors (FIIs) towards Chinese markets.
The rising tension in the Middle East and foreign institutional investors offloading Indian equities may lead to volatility in the Indian market in the near future. The inventors should exercise caution.
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