India's top 4 billionaires lose $10.3B in market crash
What's the story
India's four richest billionaires, Mukesh Ambani, Gautam Adani, Savitri Jindal and family, and Shiv Nadar, saw their combined net worth plummet today amid a market crash.
According to Forbes's real-time billionaire list, the total drop stood at $10.3 billion, driven by global trade tensions and recession fears in the US.
Ambani took the biggest hit with his wealth falling by $3.6 billion to $87.7 billion.
Figures
How Adani, Jindal and Nadar fared
Today, Adani's total net worth fell by $3 billion to $57.3 billion. Jindal and family's net worth plunged by $2.2 billion to $33.9 billion, while Shiv Nadar's fortune dropped by $1.5 billion to $30.9 billion.
Market impact
Indian benchmark indices plunge
The sharp drop in billionaire wealth also coincided with a significant plunge in Indian benchmark indices, reflecting global market weakness.
The Sensex fell over 3,900 points while Nifty dropped below the 22,000 mark amid widespread selling across sectors.
All major sectoral indices were deep in red with Nifty Metal plunging 8% and Nifty IT dropping over 7%.
Broader market decline
Small-cap and mid-cap indices experience significant falls
The broader market also saw huge falls with small-cap and mid-cap indices falling by 10% and 7.3%, respectively.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the global market's volatility has heightened due to extreme uncertainty.
He advised waiting would be the best strategy during this turbulent phase of the market, but added India is relatively better placed as its exports to US as a percentage of GDP are only around 2%.