WEBDESK: Mukesh Ambani, the chairman of Reliance Industries and Asia’s richest man, saw a massive $3.6 billion drop in his wealth in just one day. This came after former U.S. President Donald Trump announced plans for new tariffs, shaking global stock markets and investor confidence.
The market reaction was sharp. Stocks fell across the board, and Indian billionaires were hit hard. Mukesh Ambani’s total net worth now stands at $87.7 billion after this drop. His company, Reliance Industries, experienced a steep fall in share prices, contributing to the loss.
Which Indian billionaires besides Mukesh Ambani, lost the most?
- Gautam Adani – the chairperson of the Adani Group and India’s second-richest person experienced the largest loss with $4.26 billion shrinking from his net-worth on Monday.
- Mukesh Ambani – the chairperson of Reliance Group and India’s richest person, was the second biggest loser in the Black Monday crash, with his net worth dropping by $3.48 billion to $83.4 billion.
- Savitri Jindal – chairperson of the Jindal Group, a major player in steel, power, cement, and infrastructure, saw her net worth decline by $2.28 billion to $29 billion, as per Bloomberg.
- Shiv Nadar – co-founder of HCL Tech and the fourth richest person in India, saw his wealth fall by $1.34 billion. His net worth now stands at $32 billion.
- Shapoor Mistry – saw his net worth drop by $1.16 billion in Monday’s stock market crash, leaving him with a net worth of $32 billion.
In total, India’s top billionaires lost more than $10 billion.
The overall losses across Asia’s richest people added up to $46 billion, all in a single day. Experts say this was mainly due to fears over the Trump tariffs and what they might mean for the global economy. Investors are worried about trade tensions, rising costs, and possible slowdowns in major economies.
“The markets are highly uncertain. It’s best to wait and watch,” said Dr. V K Vijayakumar from Geojit Financial Services.
Despite this loss, Mukesh Ambani remains one of the most powerful figures in India’s business world. His investments in energy, telecom, and retail continue to shape the country’s economy. Still, the recent market fall shows how even top business leaders like Mukesh Ambani are affected by global policy changes.
Elon Musk, other billionaires hit hard by tariffs
Not just the Indian billionaires, but other global business tycoons, including Elon Musk and Lei Jun, suffered massive losses owing to Donald Trump’s tariff tantrums.
Elon Musk, the richest person in the world and Donald Trump’s closest aide, has seen his wealth slip below $300 billion due to the impact of US tariffs.
Lei Jun, chairman of Xiaomi Corp., saw his wealth drop 20%, or $7.8 billion, as per the Bloomberg Billionaires Index.
Read more: Trump tariffs ignite global trade war
