Indian Richie Rich loose $ 20 billion | thanks to Stock Markets

Indians' new-found dominance in the world's richie-rich club does not seem to have impressed the bourses, with the market value of companies led by ten richest from the country dipping by over $20 billion ever since the salutation came from the US business magazine Forbes.

In its annual list of world's billionaires, Forbes said last week on March five that Indians account for the maximum number of four billionaires among ten richest in the world - up from just one a year ago.

The magazine identified a total of 53 billionaires from India with a combined net worth of $340.9 billion, which included a hefty share of nearly two-third or $228.6 billion with the ten richest Indians.

However, a weak stock market after the list's release eroded about Rs 80,000 crore ($20 billion) from the market value of groups led by these ten – thus wiping off over $10 billion or about five per cent of their personal wealth.

The ten richest Indians, as named by Forbes, are Lakshmi Mittal, Mukesh Ambani, Anil Ambani, K P Singh, Shashi and Ravi Ruia, Azim Premji, Sunil Mittal, Kumar Mangalam Birla, Ramesh Chandra and Gautam Adani. The first four are also among the world's ten richest, a feat achieved by only Lakshmi Mittal last year.

After March five, when the list was published, there has been just one day of trading in Indian stock market - March 7, while the global markets have traded for two days.

Close to 30 companies belonging to the groups led by ten richest Indians saw their market values dropping by up to 15 per cent on March 7, barring a few like Reliance Communications (up 3 per cent) and Bharti Airtel (up 0.15 per cent) that managed to close with gains on the day.

source: economic times