India’s richest man loses $5.6 billion with plummeting rupee

Published: August 23, 2013

Reliance Industries Chairman Mukesh Ambani poses as he arrives for the company’s annual general meeting in Mumbai on June 6, 2013. INDRANIL MUKHERJEE/AFP/Getty Images

CALGARY HERALD

Mukesh Ambani, India’s richest man, is the biggest loser among the country’s billionaires as the rupee’s slump to record lows erased 24 per cent of his fortune.

The chairman of Reliance Industries Ltd., operator of the world’s biggest oil refinery complex, has lost $5.6 billion of his wealth since May 1, as the rupee’s plunge accelerated. The 56-year-old is left with a net worth of $17.5 billion, according to the Bloomberg Billionaires Index.

The Indian rupee is the worst-performing major currency in the world in the past month, coming under pressure as international investors sold emerging market assets amid concern the U.S. will pare its $85 billion monthly stimulus. The value of holdings by India’s billionaires are worth less in dollars as the rupee declined and foreign investors sold shares in large-cap companies, said Munesh Khanna, a senior partner at Grant Thornton LLP in Mumbai.

“There is irrationality; the rupee is weak and will go down further,” Khanna said.


Tags: , , , ,





Featured

kabaddi

Vancouver Lions win first match in World Kabaddi League, beat Sonakshi Sinha’s United Singhs

VANCOUVER DESI Man of the match : Gagandeep Singh Sabrawa (Vancouver Lions) Best Raider: Gagandeep Singh Sabrawa, Vancouver Lions (18 raids) Best Stopper: Sandeep Singh…
Continue Reading »

BEHEADING-MILITANTS-ISIS

Second beheading plunges Obama into top crisis

ARUN KUMAR IANS Washington – Just two weeks after beheading American photojournalist James Foley, the Islamic State (IS) Sunni extremist organisation sent what it called…
Continue Reading »

dead man walking

Man declared dead by hospital wakes up two days later

CEN AGENCY An Indian hospital who declared a man dead discovered he was actually still alive when police turned up an incredible two days later…
Continue Reading »

LOCAL NEWS

kabaddi

Vancouver Lions win first match in World Kabaddi League, beat Sonakshi Sinha’s United Singhs

VANCOUVER DESI Man of the match : Gagandeep Singh Sabrawa (Vancouver Lions) Best Raider: Gagandeep Singh Sabrawa, Vancouver Lions (18 raids) Best Stopper: Sandeep Singh…
Continue Reading »

BC schools

We don’t want to be held hostage: Students to protest B.C. public school shutdown

IAN AUSTIN, JOHN COLEBOURN AND FRANK LUBA THE PROVINCE Students who should be returning to school Tuesday will instead be protesting because schools are closed….
Continue Reading »

babe SEXY BOLLYWOOD desi

B.C.’s Miss India Canada pageant contestant sues ex-boyfriend to pay for tuition for failed class after breakup

KAMLOOPS THIS WEEK KAMLOOPS — A 22-year-old B.C. woman is suing her ex-boyfriend to pay tuition for a class she says she failed due to distress…
Continue Reading »

Don't Miss...

A Pakistani-Canadian blogger has released Pakistan's first-ever anti-homophobia children's book. Submitted photo/Nicemangos.blogspot.ca.

Toronto-based blogger releases Pakistan’s first anti-homophobia children’s book

VANCOUVER DESI A Toronto-based Pakistani blogger has written and released Pakistan’s first-ever anti-homophobia children’s book. Blogger Eiynah, known for her site Nice Mangos where she…
Continue Reading »

carleton-university-phd-student-selvan-mohan-is-trying-to-ra

International student in Ottawa launches campaign to raise money for new prosthetic leg

MEGHAN HURLEY OTTAWA CITIZEN A Carleton University PhD student from Malaysia has launched a fundraising campaign to replace his worn-out prosthetic leg. Selvan Mohan, 24, was born without a…
Continue Reading »

jail sex

B.C. Supreme Court to decide if Kamloops Mountie watching women have sex in jail is a crime

THE CANADIAN PRESS KAMLOOPS, B.C. — A judge wants to hear arguments from lawyers about the legality of the charge against an RCMP corporal accused…
Continue Reading »

Rice Bucket India poverty

India’s Rice Bucket Challenge gives a ‘meaningful twist’ to ALS ice bucket challenge

VANCOUVER DESI India has created its own “desi” version of the ALS ice bucket challenge that has swept the globe. While the original icy cold…
Continue Reading »

India

Man proudly wears world’s largest turban weighing in at 100 pounds and 645 metres long unwrapped

VANCOUVER DESI A 60-year-old devout Sikh in northern India appears to be the proud owner of the world’s largest turban – weighing in at 100…
Continue Reading »


Bollywood Latest

Desi boobs Sonakshi SInha

Gallery: Top 10 Bollywood celebrities who own sports teams

VANCOUVER DESI India’s love for cricket and Bollywood is world famous. When you try and bring the two together, you find the Indian Premier League…
Continue Reading »

Ranbir Kapoor-sports

Ranbir Kapoor: Bollywood’s link with sports is great

IANS Mumbai – Actor Ranbir Kapoor, who has stakes in the Mumbai City Football Club (FC) franchise of the Indian Super League (ISL) football tournament,…
Continue Reading »

Priyanka Chopra

Priyanka Chopra: Now I can beat anyone

IANS New Delhi – No, Priyanka Chopra is not talking about the box office competition, but about actually beating up someone physically! And the actress…
Continue Reading »