With benchmark indices dropping 3.6% on Friday, not only public shareholders but also top billionaires of India have eroded wealth.
Falling for the sixth consecutive day, market indices led to an erosion of almost Rs 5 lakh crore from BSE, worst since the beginning of the coronavirus scare.
But it's not just today, the downward trend has impacted wealth of Indian billionaires in the first two months of this year.
As per Bloomberg's Billionaire index, Mukesh Ambani, the Chairman Reliance Industries, has lost over $5 billion of his wealth this year.
The total net worth of Asia's richest man, who ranks number fifteenth in the index, stood at $ 53.5 billion. As Sensex plunged 1,400 points, Reliance Industries share price closed 4.12% lower at Rs 1,328 on Friday, with its market capitalisation quoting Rs 8.4 lakh crore.
Next in line was Aditya Birla Group Chairman Kumar Mangalam Birla, who was poorer by $884 million at the end of today's session, according to the index.
The wealth of Ajim Premji, Chairman of Wipro Limited was down by $869 million in the two-month period, while Adani's Gautam Adani lost $496 million in the same period. Where Wipro closed 4.53% lower, Adani Enterprises ended 6.5% lower.
"Sentiments have completely turned around in a matter of 1 week with the benchmark indices closing down 7%, on a weekly basis," said Vinod Nair, Head of Research at Geojit Financial Services and continued by saying that coronavirus may turn out to be a bigger threat than what was forecasted.
"This downtrend was not just limited to Indian markets, but was in sync with global markets as a whole, capping one of the worst weekly sessions for stock markets in recent years," he added further.