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Coronavirus outbreak: Mukesh Ambani becomes poorer by Rs 24,000 crore in a day

Coronavirus outbreak has severely impacted India's richest man Mukesh Ambani. Know how!

Coronavirus outbreak has drastically slowed down the economies of the affected nations. The BSE Sensex and Nifty cracked over 9% each to fresh 52-week lows as index heavy-weights witnessed selling pressure. The Indian equity markets have slipped down causing severe losses to Indian billionaires. 

Mukesh Ambani, the richest Indian has become poorer by approximately 8% in just one day. On Wednesday, his net worth as per Forbes was $42 billion. And today, as of 2:50 pm his net worth dropped down to  $38.64 billion causing him a loss of nearly  $3.4 billion or Rs 24,000 crore. 

Similarly, Radhakishan Damani, the founder of Avenue Supermart, which runs DMart retail chain, and the second-richest Indian, saw his net worth dropping by nearly 6% to $ 14.5 billion. In a single day, he suffered a loss of Rs 6,400 crore.

Shiv Nadar, the founder of HCL Tech lost nearly $800 million of net worth as the shares of HCL Tech dropped by 7.71%.  Uday Kotak, the chairman of Kotak group, witnessed nearly $900 million or 7% fall in his net worth to $12.5 billion.

Gaurav Dua, head of capital market strategy at Sharekhan told a news agency, “The very fact that the WHO (World Health Organization) has called the outbreak a pandemic is a cause for worry for investors, especially since this comes against a backdrop of a slowing Indian economy.”

Indian investors have lost nearly Rs 7 lakh crore of wealth on Thursday. The market condition nowadays reminds us of the recession in 2008 that slowed down the world economy.

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