Indian billionaire Mukesh Ambani has suffered a major setback as he lost over Rs 160000000000 within 24 hours.
According to Indian media outlets, the Indian capital market remained volatile throughout the trading session, leading to a decline of 2 percent in the share price of Reliance Industries, chaired by Ambani.
The fall in the share of the company resulted in a decline of over Rs 160000000000 (translating to $2 billion) in a single day.
The drop in Mukesh Ambani’s wealth also altered his position on the Bloomberg Billionaires list.
Consequently, Asia’s richest man dropped to 15th place with a net worth of $102 billion on the Bloomberg Billionaires Index.
Days earlier, reports said that the Reliance Industries chairman and his family added another jet to their inventory after buying a Boeing 737 converted into a luxury private jet, with a cost of around $150 million.
The luxury jet has a capacity of 230 passengers and was customized in Switzerland, including expensive cabin customizations. The Ambani family also gifted themselves the latest Rolls Royce Cullinan SUV which comes with a price tag of $1.3 million.
Meanwhile, Gautam Adani, chairperson of the Adani Group, saw a significant increase in his net worth adding a total of $266 million.
The increase took Adani’s net worth to a total of $99.2 billion, taking him to the 18th place on the global billionaire list.
Tesla founder Elon Musk retained his place as the richest person in the world with a net worth valued at $241 billion.
He is followed by Amazon founder Jeff Bezos with a net worth of $211 billion.
Bernard Arnault’s net worth recorded a significant drop last day as he suffered a loss of $3.46 billion, dropping him to 5th place in the billionaire rankings with a total net worth of $182 billion.
