Six India billionaires lost fortunes on Monday where India experienced the third biggest stock market meltdown.
The Sensex on Monday created a ruckus in the Indian market affecting global economy. It observed 'Monday mayhem' as both Nifty and Sensex fell down by nearly 6%.
Amidst the third biggest crash in the history of Sensex, world's 66 billionaires lost their fortunes which fell below the billion-dollar mark.
India was third country which was hit hard with 6 billionaires losing their money. China was hit hardest with 21 richies losing their fortunes. After India it was United States with 9 billionaires and Russia ranked fourth with 5 billionaires losing their money.
Here are the 6 billionaires who lost their money in 8 days amid the stock market ruckus:
Hasmukh Chudgar lost the most: $384 millions. With current estimated net worth as $994 millions, Hasmukh Chudgar is featured in the Forbes list of world's billionaires 2015. He is the founder of Intas Pharmaceuticals headquartered in Ahmedabad. His company sells generic drugs in more than 70 countries, according to Forbes. Reportedly, ChrysCapital which had a 16% stake in Intas sold its 10% shares to Temasek which increased the value of the firm at $1.4 billion.
The second billionaire lost $244 millions who happens to be Aloke Lohia who is the founder and group CEO of Indorama ventures PCL. He is ranked as the 18th richest person in Thailand and according to forbes he acquired 2 Turkish plastic producers and China's Performance Fibers Asia which makes tire fabrics.
Vikas Oberoi whose net worth before the stock market meltdown was $1.25 billion lost nearly $164 millions post the market meltdown. Vikas Oberoi is a real estate developer. Based in Mumbai, Oberoi is building a midtown project with 2 towers managed by Ritz-Carlton. According to Forbes, his newest projects include Eternia and Enigma which will be located on 9 acre plots each in central Mumbai. Reportedly, he owns a single-engine Cirrus SR22 plane which he enjoys flying every weekend.
Fourth billionaire to have lost a huge fortune is Kiran Mazumdar Shaw, the Founder and Chair of Biocon India. Last month she had featured in the forbes list of world's 100 most powerful women.
Shaw is better known to be a self-made woman who found Biocon in 1978 which was a small industrial-enzymes company. She lost $91 millions which brought her estimated net worth down to $939 millions.
With $460 billion revenue in 2014, now Biocon is India's largest publicly traded biopharmaceutical company, according to Forbes.
Well known to be one of the most successful entrepreneurs in India, Kiran Mazumdar Shaw has won several awards. In 2014, she had won the Chemical Heritage Foundation's Othmer Gold Medal and Germany's Keihl Institute Global Economy Prize for her achievements in the field of business.
VG Siddhartha is the fifth richie rich to have lost nearly $90 millions. His net worth now stands at $998 millions. The man behind the largest chain of coffee shops in India 'Cafe Coffee Day', VG Siddhartha hails from Bangalore. He started with just one outlet in 1996 and now is the owner of 1,640 cafes in India and abroad. According to forbes, Siddhartha has stakes in MindTree, timber trading, hospitality and real estate. His favourite past time is to go for long walks at his coffee plantations.
The last Indian tycoon to have lost his money is Sidharth Burman. He lost nearly $85 millions which brings his net worth down to $966 millions after the stock market ruckus. According to forbes reports, Sidharth Burman is the son of late Rattan Chand Burman who was former chairman of consumer goods company Dabur. He was once the director of the company but due to his medical treatment he has been living in London. Saket, his son now is a part of Dabur's board.
The billionaire who lost the most is Gong Hongjia who is the vice chairman of Hong Kong based security equipment supplier Hikvision. He lost nearly $4.1 billion.
In terms of percentage Zhou Guohui suffered the biggest fall by losing almost 97% of his fortunes. He belongs to a China based logistics company from Shenzhen.
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