With billions of personal dollars eroded, the foul market has gatecrashed into many a billionaire party...
Then there is his younger brother, Anil, who comes second in list of personal wealth loss victims. While his five companies – R-Com, R-Cap, R-Infra, RNRL and Adlabs lost a total of $53.7 billion between January 8, 2008 and October 24, 2008, he saw a personal wealth erosion of a gigantic Rs.1,902 billion to touch just Rs.399.5 billion as per market reports! For him, it was perhaps all about walking in the shadows of his older brother! Real estate tycoon and DLF’s Kushal Pal Singh was the next big loser with his total wealth of Rs.2093.7 billion having been reduced to a mere Rs.285.5 billion in the time interval mentioned above. For K. P. Singh’s fotunes, B&E analysis proved how an 85.4% fall in DLF’s adjusted stock value lead to an almost equivalent 86.4% reduction in K. P. Singh’s personal coffer value. As on November 11, 2008, as per B&E estimation, his wealth stands at Rs.438.1 billion, still 80% short when compared to his brightest day in 2008!
Proud we were when Forbes announced that India really had the largest number of billionaires in Asia (52 of them). Today, the epidemic struck market is sure to reduce this huge flock to just a handful by the time Forbes comes out with its list of billionaires next year. In total, as a financial market expert confirms, “The group of top ten Indian billionaires have lost more than $425 billion in personal wealth. And this may just get worse considering that recovery is still some months away…” Between January 10, 2008 and November 11, 2008, L. N. Mittal (who controls over 47.5% stake in Arcelor Mittal) has lost a tear-jerking $35 billion. His net worth today stands at just $11 billion. Then there are other promoters who have lost a great deal with the market playing harlot to the whims and fancies of global turmoil – Tatas have lost $25.4 billion, Ramesh Chandra of Unitech is worth just $0.73 billion today (having lost a blinding 95.5% of his wealth since Jan 8), RP Goenka & family promoters have washed their hands off more than $900 million (their value now is just $980 million).
Then there is his younger brother, Anil, who comes second in list of personal wealth loss victims. While his five companies – R-Com, R-Cap, R-Infra, RNRL and Adlabs lost a total of $53.7 billion between January 8, 2008 and October 24, 2008, he saw a personal wealth erosion of a gigantic Rs.1,902 billion to touch just Rs.399.5 billion as per market reports! For him, it was perhaps all about walking in the shadows of his older brother! Real estate tycoon and DLF’s Kushal Pal Singh was the next big loser with his total wealth of Rs.2093.7 billion having been reduced to a mere Rs.285.5 billion in the time interval mentioned above. For K. P. Singh’s fotunes, B&E analysis proved how an 85.4% fall in DLF’s adjusted stock value lead to an almost equivalent 86.4% reduction in K. P. Singh’s personal coffer value. As on November 11, 2008, as per B&E estimation, his wealth stands at Rs.438.1 billion, still 80% short when compared to his brightest day in 2008!
Proud we were when Forbes announced that India really had the largest number of billionaires in Asia (52 of them). Today, the epidemic struck market is sure to reduce this huge flock to just a handful by the time Forbes comes out with its list of billionaires next year. In total, as a financial market expert confirms, “The group of top ten Indian billionaires have lost more than $425 billion in personal wealth. And this may just get worse considering that recovery is still some months away…” Between January 10, 2008 and November 11, 2008, L. N. Mittal (who controls over 47.5% stake in Arcelor Mittal) has lost a tear-jerking $35 billion. His net worth today stands at just $11 billion. Then there are other promoters who have lost a great deal with the market playing harlot to the whims and fancies of global turmoil – Tatas have lost $25.4 billion, Ramesh Chandra of Unitech is worth just $0.73 billion today (having lost a blinding 95.5% of his wealth since Jan 8), RP Goenka & family promoters have washed their hands off more than $900 million (their value now is just $980 million).
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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