Indian billionaires Mukesh Ambani and Gautam Adani recently faced massive losses as the stock market took a significant downturn. Combined, their wealth plummeted by a staggering Rs 1.15 lakh crore, a clear sign of the volatility currently affecting the Indian market. The primary reason behind this steep decline is attributed to a global market sell-off that shook investor confidence and impacted major stock indices like the Sensex and Nifty.
Ambani, chairman of Reliance Industries, witnessed a loss of Rs 1.07 lakh crore, as shares of Reliance fell across the board. His flagship company’s stock, Reliance Industries Limited (RIL), played a substantial role in dragging the market down, with a decline of 3.35%. Other Reliance companies like Reliance Power and Reliance Infrastructure also suffered losses of over 9% each.
Meanwhile, Gautam Adani, known for his extensive empire in energy, logistics, and infrastructure, saw a drop of Rs 79,156 crore in his fortune. Companies under his Adani Group, such as Adani Green Energy and Adani Enterprises, were particularly affected, with share prices falling by up to 11%.
Experts suggest this market turbulence may be linked to concerns over the global economy, as rising oil prices and inflation fears continue to spook investors. Additionally, ongoing geopolitical tensions and interest rate hikes across major economies are fueling uncertainty in the financial markets.
While these two business magnates have faced substantial losses, market analysts believe that given their strong portfolio of businesses, a rebound is likely in the long term.
Key Highlights:
- Mukesh Ambani and Gautam Adani together lost nearly Rs 1.15 lakh crore due to a global market plunge.
- Reliance Industries led the market downturn, with shares falling by 3.35%.
- Adani Enterprises and other Adani Group companies witnessed sharp declines, with Adani Enterprises dropping 11%.
- Global market factors, including inflation and geopolitical tensions, have triggered this widespread sell-off.
Sources: This article is based on information from India.com, Business Insider India, and Livemint
