As markets crashed on Monday amid escalated tensions between Iran and the United States, Reliance Industries' chairman Mukesh Ambani became poorer by nearly $1.3 billion. Among others, ace investor Rakesh Jhunjhunwala's wealth wiped out by $19 million in today's trade as the BSE Sensex crashed nearly 800 points.
The increased tensions between Iran and the US prompted a bloodbath on Dalal Street on Monday with the benchmark S&P BSE Sensex falling over 2 per cent to slip below the 41,000-mark. It was the biggest single-day drop reported by the benchmark index in the last 4 months to hit a low of 40,613. In the bargain, India's richest individuals took a massive hit to their personal fortunes.
According to Forbes real-time billionaires index, Mukesh Ambani, chairman of India's most valuable conglomerate, lost 2.2 per cent of his net worth, or $1.3 billion, as investors reacted to geopolitical tensions. Mukesh Ambani wealth declined to $57.6 billion.
Big Bull Rakesh Jhunjhunwala saw an erosion of $19 million, or 0.75 per cent, of his wealth to $2.5 billion.
Indian benchmark indices Sensex and Nifty ended lower for the second consecutive session today after global markets plunged. Iran suspended its commitments under the 2015 nuclear deal it had struck with world powers after the United States killed a top Iranian military commander in Iraq on Friday. The tensions have pushed gold and crude oil prices internationally, while equities have seen a fall.
Sensex plunged as much as 851 points intraday to hit a low of 40,613. Similarly, Nifty dropped 252 points to 11,974 compared to the previous close of 12,226. Sensex closed 787 points lower at 40,676, and the Nifty declined 233 points to settle at 11,993. All key sectoral indices ended in red with Nifty PSU Bank index emerging as the top laggard.
As a result, investors suffered a loss of Rs 2.97 lakh crore in market wealth today. The market capitalisation of BSE-listed firms fell to Rs 153.90 lakh crore at the end of market hours compared to Rs 156.87 lakh crore in the previous session.