Bear bug: India’s richest 5 incur Rs 5 trillion(120 billion) loss

Companies run by India’s five richest, including the two Ambanis, have lost a whopping Rs 5 trillion in market value in the current bear phase that began early this year.

The cumulative market value of companies belonging to the groups led by five wealthiest of the country, Ambani siblings Mukesh and Anil, real estate magnate Kushal Pal Singh, software czar Azim Premji and telecom tycoon Sunil Mittal, on Monday fell to about Rs 8.5 trillion.

Among the five groups led by the five richest Indians, the one led by the wealthiest of them, Mukesh Ambani, has recorded the maximum value erosion of about Rs 1,71,000 crore. Mukesh emerged as the richest person in India in March this year with a net worth of about Rs two trillion.

 

The market capitalisation of firms belonging to Mukesh Ambani group currently stands at about Rs 3.7 trillion, as against Rs 5.4 trillion on January 10.

The second biggest loss has been seen in market value of Anil Ambani group, which has fallen by about Rs 1.3 trillion to Rs 1.9 trillion.

The country’s biggest real estate firm, DLF, majority owned by India’s third richest K P Singh, has seen an erosion of close to Rs 1.2 trillion.

Bharti Airtel, run by fifth richest Sunil Mittal, has also lost about Rs 40,000 crore during this period.

The smallest loss has been seen in Azim Premj’s Wipro. The company’s market value has dropped by just about Rs 1,000 crore to about Rs 70,000 crore.

Courtesy :- Economic Times

Mittal buys third major property in London’s costliest street

NRI steel tycoon Lakshmi Mittal has bought his third major property for 70 million pounds in Kensington Palace Gardens, London’s most expensive street.

Mittal, whose fortune is estimated at 27 billion pounds, already owns two large homes in Kensington Palace Gardens where Princess Diana spent her last years.

The latest purchase of the former embassy of the Philippines from Hedge fund tycoon Noam Gottesman came a month after Mittal bought Britain’s most expensive house for 117 million pounds on the street nicknamed “Billionaire’s Row”, ostensibly for his son Aditya and his family.

The 70 million pounds price tag for Mittal’s latest property is all the more remarkable as the former Philippine Embassy is in need of modernisation, the Evening Standard said.

 

The 16,250 square feet home is also not the largest in the road but it looks on to Kensington Palace.

58-year-old Mittal, Britain’s richest man, himself lives in a home in Kensington Palace Gardens which he bought for 57 million pounds four years ago and is three times-bigger than his latest acquisition.

The Mittals have carried out substantial improvements to their main home which is probably the largest private house in central London after Buckingham palace.

Mittal is believed to have offered 200 million pounds for a property owned by Foxtons founder Jon Hunt on the street. The property, which is being enlarged underground, was the first choice of home for Mittal’s son Aditya. However, Hunt turned down the offer.

32-year-old Aditya, Chief Finance Officer of ArcelorMittal will be moving to Noam Gottesman’s mansion. He, his wife Megha and their two daughters, wanted to be closer to his parents.

In March 2008, Mittal was named as the world’s fourth wealthiest person by Forbes Magazine. His family owns 44 per cent of steel giant ArcelorMittal.

Courtesy :- Economic Times