Rupee woes cut US$5b off Indian tycoon’s fortune
Mukesh Ambani, the chairman of Reliance Industries, which operates the world's largest oil refineries, has lost US$5.6 billion of his personal wealth since May 1, according to the Bloomberg Billionaires index.
India's richest man is down to his last US$17.5 billion after the plunging value of the rupee wiped out a quarter of his fortune, in dollar terms.
Mukesh Ambani, the chairman of Reliance Industries, which operates the world's largest oil refineries, has lost US$5.6 billion of his personal wealth since May 1, according to the Bloomberg Billionaires index.
His fortune took a further hit on Thursday as India's currency hit fresh lows, adding to the sense of panic in emerging markets. Developing economies, excluding China, have seen an outflow of US$81 billion in emergency reserves since early May as central banks try to prop up their currencies.
Turmoil in emerging markets has intensified in recent days amid angst over the US Federal Reserve's plans to trim its US$85 billion-a-month stimulus.
The rupee was yesterday hovering near the all-time lows hit on Thursday, at around 65 to the dollar.
Ambani's fortune has proved vulnerable to turmoil on the markets. Shares in Reliance Industries have dropped 15 per cent since mid-July.