New Delhi: In a significant turn of events amid the US-India trade dispute, Indian billionaires Mukesh Ambani and Gautam Adani saw a sharp drop in wealth on Tuesday.
Amid a market sell-off triggered by US plans to impose an additional 25% duty on Indian products, the stock markets fell and as a result, the wealth of India’s richest man, Mukesh Ambani and Gautam Adani has seen a drastic decrease.
How much did Mukesh Ambani and Gautam Adani lost?
According to the Bloomberg Billionaires Index, Reliance Industries Chairman Mukesh Ambani lost $2.04 billion while Adani shed $1.80 billion in a single day, pulling Adani out of the world’s top-20 richest list and Ambani below the $100 billion mark.
The Sensex fell 849 points to 80,786 and the Nifty dropped 256 points to 24,712, dragging Reliance and Adani Group shares lower. Despite this fall, Mukesh Ambani’s net worth is still up $8.39 billion this year, while Gautam Adani’s has declined by $1.06 billion, even as parts of his group like Adani Ports and Adani Power continue to show double-digit growth.
Story highlights:
- As per Bloomberg Billionaires Index, Reliance Industries Chairman Mukesh Ambani lost $2.04 billion.
- The wealth impact was created due to the imposition of US tariffs on India.
- The Index also proved that Gautam Adani shed $1.80 billion in a single day.
- The US had imposed an additional 25% duty on Indian products.
Why Donald Trump imposed tariffs on India?
Notably, US President Donald Trump’s doubling of tariffs on imports from India to as much as 50% took effect as scheduled on Wednesday, dealing a serious blow to ties between the two countries that became strategic partners after the turn of this century.
US President Donald Trump imposed a 25% punitive tariff due to India’s purchases of Russian oil kicked in on Wednesday. Adding to an earlier 25% reciprocal tariff on Indian products, the new penalties took total US duties to as much as 50% for goods such as garments, gems and jewellery, footwear, furniture, and chemicals.