Coronavirus that originated in China has caused business to nosedive around the world, particularly those depending on China. Reliance Industries Chairman Mukesh Ambani has lost about $5 billion of his wealth so far this year, according to the Bloomberg Billionaires Index.
Aditya Birla Group’s Chairman Kumar Mangalam Birla has lost $884 million.
Wipro Chairman Azim Premji has lost $869 million while Adani Group Chairman Gautam Adani is poorer by $496 million.
Reliance Industries’ shares have fallen nearly 11 per cent this year so far. Most of this has come due to sell-offs anticipated by the spread of the virus in the last 15 days.
The Sensex crashed by 1200 points and this resulted in investors losing Rs 5 lakh crore in just an hour.