After the rupee slumped to a record low, India's richest man Mukesh Ambani became the biggest loser among other billionaires in the country. The slump in the Indian market reduced 24% of his total fortune.
Ambani is the chairman of Reliance Industries Ltd. The latter is the biggest oil refinery complex operator. India's wealthiest man lost USD5.6 billion of his wealth from May 1 after the country's currency slid down to a record low. According to the Bloomberg Billionaires Index, 56-year old Ambani is left with a USD17.5 billion net worth.
The Indian rupee became the worst-performing major currency in the world. This was after international investors put pressure to emerging market assets as the Federal Reserve announced a stimulus reduction. Munesh Khanna, a senior partner at Mumbai-based Grant Thornton LLP, said, "There is irrationality; the rupee is weak and will go down further". "Foreign institutional investors are invested in the larger-cap companies and are pulling out money from India. That is putting a lot of pressure on those companies", Khanna added.
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