Since there is a decline in the stock prices for the past six months, the super-rich club is reducing in a fast pace. Sensex touched its all-time high during January 8th and the number of Indian billionaires started increasing but now Billionaires (net worth of Rs 100 crore and above) are becoming millionaires as a result of bear market. Some of the reluctant millionaires include Usha and Suresh Shah of Consolidated Constructions, Gaurang Gandhi of Pioneer Investcorp, Anuradha Shukla of Bag Films, the Kansagra family of SpiceJet and Siddharth Sriram of Mawana Sugars.
The market wealth or net worth has been calculated on the basis of the promoters' holding in their respective companies as on March 31, 2008, and the difference in the market price — as on January 8 and on July 4 this year. The calculations ignore cross-holdings. The issue price is considered a market price for companies listed after January 8.
Even Reliance ADAG Chairman Anil Ambani has been affected due to market condition. His wealth declined by Rs 1,37,690 crore since the January 8 peak of Rs 2,53,567 crore.
With the market turbulence, the number of billionaires-turned millionaires is only expected to grow, market analysts feel.
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