New Delhi | Jagran Business Desk: The net worth of India's richest man Mukesh Ambani dropped 28 per cent or USD 300 million (approx Rs 2,300 crore) a day for two months to USD 48 billion (approx Rs 3.7 lakh crore) as on March 31 due to the massive correction in stock markets, a report said on Monday.

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 or USD 30 billion to USD 77 billion.

According to the HGR List, the Managing Director and Chairperson of the Reliance Industries saw his wealth decline to USD 19 billion, taking his global ranking down eight places to 17th place.

Other Indian businessmen who have recorded a remarkable drop in their net worth include Gautam Adani whose wealth declined by USD 6 billion or 37 per cent, Shiv Nadar of HCL technologies by USD 5 billion or 26 per cent and banker Uday Kotak’s by USD 4 billion or 28 per cent, HGR said.

All the three Indian billionares have dropped off the top 100 rich list, leaving Mr. Ambani as the only Indian in the top 100 league of world’s richest of all.

Among others, with the hospitality coming under intense pressure due to the pandemic, the 26 years old Ritesh Agarwal of Oyo Rooms is "no more a billionaire", the Hurun Global Rich list says in its reports.

With a massive sell off by the companies across the world due to COVID-19 pandemic, the Indian market has corrected by 25 per cent in the last two months.

"India's top entrepreneurs have been hit by a 26 per cent drop in the stock markets and a 5.2 per cent drop in the value of the rupee compared with the US Dollar. For Mukesh Ambani, it has been a perfect storm, with his wealth down 28 per cent," Hurun Report India Managing Director Anas Rahman said.

Meanwhile, Chinese billionaires were among the few gainers in the last two months, and included promoters of video conferencing and pork meat producing companies, said. While India lost three rankings in the top-100 rankings, China added six billionaires in the league, it said.

Berkshire Hathway's Warren Buffet also lost USD 19 billion of wealth in the last two months, to USD 83 billion, making it a smaller fall in percentage terms at 19 per cent, the HGR report said.

Others in the top-10 list of wealth losers also include Carlos Slim and family, Bill Gates, Mark Zuckerberg, Larry Page, Sergey Brin and Michael Bloomberg, it said.

Amazon's Jeff Bezos continues to be the richest man in the world with a net worth of USD 131 billion, which has slid only by 9 per cent during the last two months and is followed by Bill Gates with a fortune of USD 91 billion (down 14 per cent), Mr Buffet and Mr Arnault.

Posted By: Aalok Sensharma