Black Monday wipes billions from India’s richest tycoons

In a chilling echo of 1987’s historic crash, Black Monday has once again rattled global stock markets, leaving investors across the world in a state of panic. India has not been spared. The Indian stock market witnessed a sharp and sudden fall, dragging down the wealth of the nation’s top industrialists by billions of dollars within hours.

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Among the hardest hit are India’s four richest business magnates—Mukesh Ambani, Gautam Adani, Savitri Jindal, and Shiv Nadar—who collectively saw over $10 billion wiped off their net worth.

Reliance Industries chairman Mukesh Ambani, India’s richest man, took the steepest hit, losing approximately $3.6 billion. His net worth now stands at $87.7 billion, down from over $91 billion just a day ago.

Gautam Adani, chairman of the Adani Group, also saw a significant blow of around $3 billion, bringing his current wealth down to $57.3 billion.

Savitri Jindal, chairperson of the O.P. Jindal Group saw her fortune shrink by $2.2 billion, with her net worth now estimated at $39.9 billion.

Meanwhile, HCL founder Shiv Nadar experienced a $1.5 billion decline in a single day.

The sudden market meltdown has reignited fears of a prolonged downturn, leaving investors wary and the corporate world bracing for further shocks. The full impact of Black Monday may unfold over the coming days.