Asia’s top billionaires, including Gautam Adani and Mukesh Ambani, cumulatively lost nearly $46 billion on India’s ‘Black Monday’ after markets were battered following US President Donald Trump’s tariff announcements.
In India, infrastructure tycoon Gautam Adani’s wealth slid by $4.26 billion, and Mukesh Ambani’s shrunk by nearly $3.5 billion.
Tencent Holdings Ltd. co-founder Pony Ma lost $6.8 billion, or 12% of his total wealth.
Robin Zeng, the Hong Kong battery billionaire, dropped $4.1 billion, Bloomberg reported.
The world’s 20 richest individuals saw a cumulative $45.9 billion wiped out from their fortunes, according to the Bloomberg Billionaires Index. The MSCI Asia Pacific Index tumbled as much as 8.5% on Monday, April 7.
Which Indian billionaires lost the most?
Gautam Adani, the second-richest Indian, took the biggest hit in the turmoil with his net worth dropping by $4.26 billion to $70 billion. India’s richest person, Mukesh Ambani, experienced the second largest loss, as his wealth shrunk by $3.48 billion to $83.4 billion, as per the Bloomberg Billionaires Index. The Indian billionaires lost a total of $9.89 billion, according to Forbes Real Time Billionaires list.
However, as per Forbes Billionaire list, India’s richest person, Mukesh Ambani, saw the largest dip in net worth owing to Trump’s tariff tantrums.
The five Indian billionaires who had a huge part of their fortunes wiped out on ‘Black Monday’ are: Gautam Adani, Mukesh Ambani, Savitri Jindal, Shiv Nadar and Shapoor Mistry, shows Bloomberg Billionaires Index.
1.Gautam Adani
Gautam Adani, the chairperson of the Adani Group and India’s second-richest person, experienced the largest loss, with $4.26 billion shrinking from his net worth on Monday. By the end of the trading day, his net worth was $70 billion, according to Bloomberg.
2. Mukesh Ambani
Mukesh Ambani, the chairperson of Reliance Group and India’s richest person, was the biggest loser in the Black Monday stock market crash, with his net worth dropping by $3.48 billion to $83.4 billion.
3. Savitri Jindal
Savitri Jindal and family is the chairperson of the Jindal Group, a major player in steel, power, cement, and infrastructure. Her net worth declined by $2.28 billion to $29 billion, as per Bloomberg.
4. Shiv Nadar
Shiv Nadar, co-founder of HCL Tech and the fourth richest person in India, saw his wealth fall by $1.34 billion amid the market turmoil. His net worth now stands at $32 billion.
5. Shapoor Mistry
The man behind the 159-year-old engineering and construction giant Shapoorji Pallonji Group, Shapoor Mistry, saw his net worth drop by $1.16 billion in Monday’s stock market crash, leaving him with a net worth of $32 billion.
Trump’s tariffs rattles Indian Stock Market
India’s richest suffered a major blow owing to the ugly plunge fueled by Trump’s tariffs. On Monday, the 30-share BSE benchmark Sensex plunged 2,226.79 points, or 2.95%, ending at 73,137.90. During the day, it dropped as much as 3,939.68 points, or 5.22%, to 71,425.01.
Intra-day, the benchmark fell by 1,160.8 points, or 5.06%, reaching 21,743.65.
Who was the biggest loser?
Lei Jun, chairman of Xiaomi Corp., was the biggest loser of the day, with his wealth dropping 20%, or $7.8 billion.