Ramesh Chandra
What a difference a year can make. In March 2008, when we published the last billionaire rankings, India's wealthiest citizens were flying high, buoyed by a soaring stock market and a booming economy. Cumulatively, they were Asia's wealthiest, with a collective net worth of an astonishing $335 billion.
In 2008 his net worth was: $9.6 billion
Now his estimated loss is: $9 billion
Cash-strapped property tycoon saw shares of Unitech, in which he holds a 67% stake, crash by 90% amid real estate meltdown. In October, agreed to sell 60% in telecom arm for $1.2 billion to Norway's Telenor; has yet to receive money. Put some properties on the block to raise cash.
Tulsi Tanti
Tulsi Tanti
2008 Net Worth: $3 billion
Estimated Loss: $2.6 billion
Fortune of Asia's wind-power entrepreneur blown away. Shares of his Suzlon Energy dropped 85% in past year, precipitated by foul economy and poor quality wind turbine blades. Suzlon spent $45 million in latest quarter replacing cracked blades.
Naresh Goyal
Not surprisingly, India's richest are facing a major reality check. A volatile stock market that dropped 44% in the past 12 months and a depreciating rupee, which fell about one-fifth against the dollar, sent their fortunes tumbling. Only 24 of last year's 53 billionaires made the cut this year, and everyone but the Singh brothers, who sold their generic drug firm Ranbaxy at its peak, lost money.
2008 Net Worth: $1.4 billion
Estimated Loss: $1.1 billion
Mounting losses--$45 million in the last quarter--and declining passenger loads caused his flagship Jet Airways' stock price to plunge 77%. In desperation, called off rivalry with Vijay Mallya, forging alliance with his Kingfisher Airlines last October; deal is yet to take off.
As a result, mainland China for the first time has more billionaires than India. Still, the Indian survivors, with a combined net worth of $107 billion, are a lot richer than their Chinese counterparts, who are worth $44 billion.
Nimesh Kampani
2008 Net Worth: $1.3 billion
Estimated Loss: $1 billion
Veteran investment banker and one-time partner of Morgan Stanley; shares in his J.M. Financial plunged 90% in a falling stock market. A finance firm of which Kampani was once on the board allegedly defrauded depositors after he'd resigned. In what is seen as a political vendetta, police targeting Kampani, who reportedly left the country to evade arrest.
Four Indians were among the world's top 10 richest in 2008, worth a combined $160 billion. Today, that same foursome is worth just $54 billion. Mukesh Ambani and Lakshmi Mittal still managed to hold on to their spots at Nos. 7 and 8, respectively. The same can't be said for Anil Ambani, who lost $32 billion this past year, more than any other billionaire in the world, or K.P. Singh, briefly the world's richest real estate baron, who lost $25 billion and is now ranked No. 98, worth $5 billion.
Sameer Gehlaut
2008 Net Worth: $1.2 billion
Estimated Loss: $1 billion
Until recently a fast-rising star, his fortune, derived from real estate and financial services, evaporated as both those sectors collapsed. Companies of his Lakshmi Mittal-backed Indiabulls group lost over 80% of their market values.
K.P. Singh is in much better standing than fellow property developer Ramesh Chandra. His cash-strapped Unitech lost half its market capitalization in one day last October; now Chandra is poorer by an estimated $9 billion from the $9.6 billion he was worth in 2008. He was the highest-ranked billionaire from 2008 to drop off the list.
Vijay Mallya
2008 Net Worth: $1.2 billion
Estimated Loss: $900 million
Financially stretched liquor baron felt heat of downturn in his loss-making airline business. Is looking to sell stake in one of his three listed companies, United Spirits; suitors include Diageo, where his son Siddharth works. Despite financial troubles, paid $1.8 million at a recent auction to acquire memorabilia of Mahatma Gandhi that he will gift to Indian government.
At least Singh has plenty of company. The 28 other drop-offs include a number of well-known businesspeople. Among the notables is flamboyant liquor and airlines tycoon Vijay Mallya, whose UB Group acquired Scottish distiller Whyte & Mackay for $1.2 billion in May 2007 to become the world's second-largest spirits group.
Gautam Thapar
2008 Net Worth: $1.4 billion
Estimated Loss: $850 million
Runs Avantha group, successful offshoot of old-line family conglomerate. Is India's largest paper maker. Stock of Crompton Greaves, his engineering flagship, tumbled 50% this past year.
Mallya could probably use a stiff drink right about now, as his various booze companies lost between half and 90% of their values. Despite financial troubles, Mallya paid $1.8 million at a recent New York auction to acquire memorabilia of Mahatma Gandhi's that he will gift to the Indian government.
Anand Jain
2008 Net Worth: $3.4 billion
Estimated Loss: $2.9 billion
Mukesh Ambani's school buddy, shares in his Jai Corp. fell 90% this year. The special economic zones he's developing in Mumbai with Mukesh is facing land acquisition problems. Income tax sleuths recently raided his office and home.
Also gone from the billionaires' club are Jignesh Shah, whose listed financial software firm Financial Technologies dropped by 75%, and Sameer Gehlaut, who was India's youngest billionaire briefly before the stock price of his Indiabulls Financial Services and Indiabulls Real Estate both tanked 80% in the bear market. India's wind-power man, Tulsi Tanti, and his brothers lost an estimated 90% of their combined fortunes amid reports of poor quality of Suzlon's wind turbine blades.
Jignesh Shah
2008 Net Worth: $1.1 billion
Estimated Loss: $880 million
Stock market fall took toll on his Financial Technologies, which provides financial software to stockbrokers. Stock dropped 75%. Shah took the National Stock Exchange to court for putting his firm on a "watch list" on grounds that its software allegedly has glitches. Initial public offering of MCX, his commodities exchange, stalled.
The winds of wealth can change quickly, as this year has illustrated. They may yet again blow favorably in the direction of these tycoons.
Gracias Saldanha
2008 Net Worth: $1.5 billion
Estimated Loss: $1.1 billion
Former pharma executive, stock of his generics outfit Glenmark Pharmaceuticals, run by son Glenn, sank when Eli Lilly suspended trials of a pain-management molecule they were jointly developing last fall. Hasn't recovered since.
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