The ongoing conflict between Iran and Israel had a significant impact on the Indian stock market on Thursday, with major drops in the Sensex and Nifty. The Sensex closed 1,770 points down, while the Nifty saw a decline of 546 points. This turbulence also affected shares of companies like Mukesh Ambani's Reliance Industries and those in the Adani Group, leading to a notable drop in the rankings of both Mukesh Ambani and Gautam Adani on the global billionaires' list.
Let's take a look at how much wealth these two Indian billionaires lost.
Sensex Drops 1,770 Points, Nifty Falls 546 Points
On Thursday, the stock market was significantly impacted by the escalating tensions in the Middle East due to the Iran-Israel conflict. The BSE Sensex opened 995 points lower at 83,270 compared to its previous close of 84,266, and by market close, it had plummeted 1,769.19 points, or 2.10%, to finish at 82,497.10. As a result, the market capitalisation of BSE shrank by over Rs 10 lakh crore. Similarly, the NSE Nifty dropped 546.56 points, or 2.12%, to close at 25,250.
How Much Wealth Did Mukesh Ambani Lose?
During this market slump, Mukesh Ambani's company, Reliance Industries, saw a sharp drop in its share price, which fell by 3.95% to close at Rs 2813.95. This decline reduced Reliance's market capitalization to Rs 19.05 lakh crore. Consequently, Mukesh Ambani's net worth also took a hit. According to the Bloomberg Billionaires Index, Ambani's net worth fell by $4.29 billion (around Rs 36,000 crore) in just 24 hours.
Ambani’s Position Drops on Billionaires’ List
This marked the second consecutive drop for Reliance shares this week, with a more than 3% fall recorded on September 30. The decline in Mukesh Ambani's net worth also affected his ranking on the global billionaires' list. After losing Rs 36,000 crore, his total wealth now stands at $107 billion, pushing him two spots down to become the 14th richest person in the world.
Gautam Adani Also Suffers a Major Setback
Along with Reliance, shares of Adani Group’s listed companies also suffered during the stock market downturn. Adani Green Energy’s share price dropped by 4.09% to close at Rs 1807.80, while Adani Ports' stock fell nearly 3%, closing at Rs 1426.05. As a result, Gautam Adani’s net worth decreased by $2.93 billion (around Rs 24,600 crore), bringing his total wealth down to $100 billion, causing him to drop from 14th to 17th place on the global billionaires' list.
