Behind every billionaire there is a story!

Ambani Leads $200 Billion Loss Among India’s Richest

 Mukesh Ambani and Lakshmi Mittal led India’s richest in losing $200 billion this year as the global financial crisis triggered a plunge in stocks and property values, Forbes Asia said.The combined wealth of India’s 40 wealthiest people slumped 60 percent to $139 billion, the magazine said today in an e-mailed release. Mittal, 58, lost his top position to Mukesh Ambani of Reliance Industries Ltd. Mittal lost $30.5 billion after the world’s biggest steelmaker ArcelorMittal extended production cuts. The net worth of Mukesh Ambani, 51, dropped 58 percent after demand for petrochemicals made by Reliance Industries slumped and oil refining margins shrank.

There are 27 Indians with a net worth of $1 billion or more, compared with 54 last year. The key Sensitive index declined 53 percent this year and is set for its worst annual performance on record. At the same time, there are 456 million Indians who live on less than $1.25 a day, according to the World Bank.

“Indians who felt the heat of the meltdown have not exactly become paupers,” said Anup Kumar Sinha, professor at the Indian Institute of Management Calcutta, in Kolkata. “They will probably realize anew the importance of the real economy and reconcile to the vagaries of the financial markets.”

read the rets published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aGnhfqtiHogU