India's richest man Mukesh Ambani's net worth dropped 28 percent or $300 million a day for two months to $48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday.
The Hurun Global Rich List said the chairman and managing director of the Reliance Industries saw his wealth decline to $19 billion which took his global ranking down eight places to 17th.
Other Indian businessmen who have seen a major decline in wealth include Gautam Adani whose wealth eroded by $6 billion or 37 percent, HCL Technologies'' Shiv Nadar ($5 billion or 26 percent) and banker Uday Kotak ($4 billion or 28 percent), it said.
All three have dropped off the top 100 list, with Mr. Ambani as the only Indian in the league.
The Indian market has corrected by 25 percent in the last two months as the economic costs and impact of the coronavirus crisis on companies led to a sell-off across the world.
"India's top entrepreneurs have been hit by a 26 percent drop in the stock markets and a 5.2 percent drop in the value of the rupee compared with the US Dollar. For Mukesh Ambani, it has been a perfect storm, with his wealth down 28 percent," Hurun Report India Managing Director Anas Rahman said.