As per Economic Times analysis of promoter wealth loss between January 8 and October 24, 2008, shows that the two Ambani brothers bore the brunt of the stock market mayhem, witnessing the highest wealth erosion among promoters of the top business houses in the country.
Though still dominating the market cap ranking, RIL chairman Mukesh Ambani saw his personal wealth crash from $ 57.6 billion as on January 8 to $14.4 billion as on Friday, a fall of 75% since January 8.
A major part of the wealth erosion happened in the flagship company, RIL, whose market cap has declined by Rs 2.8 lakh crore, or $ 57 billion. The market cap of two other group companies Reliance Petroleum and Reliance Industrial Infrastructure fell by $ 15.3 billion and $0.7 billion during the period.
Mukeshâ€™s younger Brother Anil Ambani of the ADAG group saw his wealth tumble from $48.4 billion to $8.4 billion, a loss of 83%. His five companies, Reliance Communication, Reliance Capital, RNRL, Reliance Infrastructure and Adlabs Films, recorded an aggregate market cap loss of $53.7 billion.