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Anil Ambani biggest loser in 2008 - Forbes


Beaten down by the $30 billion loss, India’s industrial tycoon Anil Ambani has topped the chart of the U.S. magazine Forbes’ biggest losers list. The list of 10 billionaire blowups includes two more Indians - wind power major Suzlon’s chief Tulsi Tanti and online gambling firm PartyGaming’s founder Anurag Dikshit.

Earlier, the junior Ambani was credited for having added maximum wealth in its annual rankings in March. The chairman of Anil Dhirubhai Ambani Group (ADAG) is reduced to a net worth of $12 billion from his previous worth of $42 billion, when he was ranked as the sixth richest person in the world. As per the report of the ‘Billionaire Blowups of 2008′, while several dozen have lost more than $5 billion, the 10 richest from annual 2008 rankings have lost about $150 billion. This is primarily driven by steel tycoon Lakshmi Mittal, estranged brothers Mukesh and Anil Ambani and property baron KP Singh together losing $100 billion. Moreover, over 300 of the 1,125 billionaires have lost at least one billion dollar since March.

“But among all the biggest loser of all was Anil Ambani, who was touted on the cover of our 2008 billionaires issue for having added $24 billion to his fortune in one year. Stocks of his telecom company dropped after his estranged brother helped scuttle a deal with African telecom MTN,” the report said. Infact, it was also pinpointed that among all these 10 distinguish themselves for some of the biggest flops as they lost more than money. Some lost board seats and several even faced margin calls. A couple got in trouble with the law. Thus, all of them suffered hits to their reputations.

Among the other losers, Tulsi Tanti’s wealth dropped by $2.5 billion to stand at $500 million; while Dikshit’s current net worth is about $1 billion, down from $1.6 billion in March 2008.

January 2, 2009 · Filed Under Ambani Family 
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