COVID-19 Impact: Mukesh Ambani’s Net Worth Drops 28% To $48 Billion In 2 Months

The Covid-19 pandemic which is sweeping across the world, is hurting not only the common man but the super rich as well.

Mukesh Ambani, India’s richest man, has seen his net worth plummet 28 per cent — which translates to about $300 million a day — over two months to $48 billion as on March 31, according to a report on Monday.

The global ranking of Reliance Industries Limited’s chairman and managing director went down from 9th to 17th as Ambani’s wealth declined to $19 billion, according to the latest Hurun Global Rich List.

Other top Indian businessmen to have registered a major drop in wealth include Gautam Adani whose wealth eroded by $6 billion or 37 per cent, HCL Technologies Shiv Nadar ($5 billion or 26 per cent) and banker Uday Kotak ($4 billion or 28 per cent), the report said.

All three have dropped off the top-100 list, leaving Ambani as the only Indian in the elite league.

There has been a massive correction in stock markets thanks to the outbreak of novel coronavirus, which has left over 70,000 people dead globally. The Indian market has seen a 25 per cent correction in the last two months, leading to a massive slump in values of shares.

Ambani is the second-biggest wealth loser globally, after French fashion giant LVMH’s chief executive Bernard Arnault, whose wealth dropped by 28 per cent ($30 billion) to $77 billion.