The financial crisis in the country is getting deeper due to Coronavirus. This has also affected the stock market. According to the Bloomberg Billionaires Index, India’s top 14 billionaires have lost nearly Rs 4 lakh crore during this period. Mukesh Ambani has also been out of the top 20 list of world’s richest people. Corona has so far sunk Indian investors in the equity market at half the size of India’s gross domestic product (GDP). The total market of all listed shares of BSE has come down to Rs 52 lakh crore in 3 months. This was Rs 155.53 lakh crore as on 31 December 2019, which stood at Rs 103 lakh crore by 23 March 2020. This deficit is seven times the revised fiscal deficit of India’s fiscal year 2020.
Mukesh Ambani out of the list of top 20 billionaires
Since January 1, Mukesh Ambani’s wealth has decreased by about 42 percent in less than 3 months. That is, out of every 100 crore rupees, they lost 42 crore rupees. Not only this, due to Corona, after a long time, Mukesh Ambani has been out of the list of top 20 billionaires included in the Bloomberg Billionaires Index, according to the Bloomberg Billionaires Index, till March 20, Mukesh Ambani’s wealth stood at $ 3,440 million, or Rs 2,56,280 crore. While his total wealth as on 1 January 2020 was Rs 4,36,570 crore. That is, it decreased by about Rs 1,80,290 crore. In this list, Amazon.com founder Jeff Bezos topped the list with assets of $ 11600 million.
There was a loss of 14.22 lakh crores on Monday
Investors lost more than Rs 10 lakh crore of assets during the first hour of trading in the stock market on Monday. During this period, the market witnessed heavy selling and major indices broke more than 10 percent. Investors now incurred a loss of 14 .22 lakh crore on Monday. At the same time, 42.46 lakh crores of investors have sunk in March.
Dropped 37 percent in 44 sessions.
The benchmark indices have dropped 37 percent in just 44 sessions! This means that 40 percent of India’s annual GDP has been wiped out in just 44 days. In 2008, benchmark indices had fallen 66 percent in 200 sessions, while in 2011, investors lost 28 percent in 275 sessions.