Mukesh Ambani, Gautam Adani and other Asia’s richest lose Rs 397076 crore in one day as Trump tariff hits market

Hours after US President Donald Trump announced tariffs, Indian stock markets were battered on 'Black Monday'. Even Asia's top billionaires, including Mukesh Ambani and Gautam Adani, cumulatively lost nearly USD 46 billion or Rs 397076 crore. According to the Bloomberg Billionaires Index, the world's 20 richest individuals saw a cumulative USD 45.9 billion wiped out from their fortunes. Trump has given several reasons for his stiff tariffs, including bringing manufacturing jobs back to the United States, which is a process that could take years.  

Asia's richest man, Mukesh Ambani, experienced the second-largest loss, as his wealth shrank by USD 3.48 billion to USD 83.4 billion, as per the Bloomberg Billionaires Index. India's second richest man, Gautam Adani, took the biggest hit, with his net worth dropping by USD 4.26 billion to USD 70 billion. However, on Tuesday, all 11 listed Adani Group firms ended higher, bouncing back from the previous day's decline amid a recovery in the equity market. The combined market valuation of all the 11 firms stood at Rs 12,18,530 crore. The market cap of Reliance Industries reached Rs 15.99 lakh crore on Tuesday.

Stock markets rebounded sharply on Tuesday, a day after facing their worst drubbing in 10 months. The 30-share BSE Sensex jumped 1,089.18 points or 1.49 per cent to settle at 74,227.08 with 29 of its components ending in the green. The NSE Nifty surged 374.25 points or 1.69 per cent to 22,535.85. Intra-day, the benchmark soared 535.6 points or 2.41 per cent to 22,697.20. Moreover, investors' wealth swelled by Rs 7.32 lakh crore on April 8 as equity markets staged a strong comeback.

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