Mukesh Ambani effects by Coronavirus hug loses $5 billion dollars 2020

The global risk aversion caused by the coronavirus has destroyed great wealth for the best Indian billionaires.

The president of Reliance Industries, Mukesh Ambani, the richest man in India and all of Asia, has so far fictitiously lost about $5 billion of his fortune.

Aditya Birla’s group

President, Kumar Mangalam Birla, is $84 million poorer according to Bloomberg Billionaire’s index.

The assets of IT tycoon Ajima Premji have fallen by $869 million, and those of industrialist Gautam Adani by $496 million in just two months.

Uday Kotak and Dilip Sanghvi of Sun Pharma are also some of the biggest losers, as the shares of their companies were seriously hit, destroying great wealth.

Most of this loss of wealth took place in the last 15 days when the national stock indices fell.

BSE Sensex has fallen by almost 3,000 points in 11 sessions since 12 February when Dalal Street was first affected by the virus.

This stock routine wiped out the assets of capital investors from Dalal Street at 11.52 lakh crore.

At the same time, the indices of wider markets have also undergone a sharp correction during this period, which has wiped out most of their previous profits in 2020.

Of the major Indian conglomerates, Reliance Group has suffered the most from the loss of market capitalization of its listed shares.

Between 13 and 27 February, the market capitalization of all RIL companies fell by 53,706.40 Rs. After the market collapse on Friday, when Sensex fell by 1100 points, RIL’s shares fell by 2.8%.

RIL Group’s

Reliance Industrial Infrastructure recorded the biggest fall of more than 13 percent since February 12.

Reliance Industries and Network18NSE -3.41% fell by 6%, TV18 Broadcast by 7% and Den Networks by 2%.

However, the stake in Hathway Bhawani Cabletel & Datacom, recently acquired by RIL, has increased to more than 16 percent.

Despite this turnaround in Reliance Industries’ results, analysts remained positive on the stock.

As many as 26 analysts assessed the share as “Buy” or “Overtake”. Only one analyst decided to sell, according to Reuters data.

Tata Group companies

Lost 41 930 roubles. The shares of up to 21 companies of the group in this period fell in red.

Automotive Stampings & Assemblies and Tata Teleservices fell by 25 percent. Tata Motors and Tata Elxsi fell by 15 and 12 percent respectively.

Tata Motors’ Jaguar Land Rover warned that his production plans in the UK and India are under pressure due to supply chains in coronavirus affected China.

In fact, the company flew Chinese parts in suitcases to the UK last week to maintain production.

Tata Motors’ production dropped by 9 percent and Tata Steel’s by 6.7 percent.

Emkay Research bought Tata Motors with a target price of 238 Rs, which is 64 percent of the growth potential since the last closure. Prabhudas Lilladher has a “hold” recommendation with a price target of 185 Rs.

Among other large commercial properties, the Adani group has lost over 27,100 Rs in the market capitalization of its shares, Aditya Birla Rs 17,500 and the Wadia group, which controls companies such as Britannia, Rs 3,300.

Analysts have mixed views on the market because they fear the risk of a coronavirus outbreak that could turn into a pandemic.

Marc Faber, the author of the Gloom, Boom & Doom report, said on Friday that markets have a significant downside risk as the coronavirus destroys several industries, and also because blue chips are traded at high prices.