India's richest men lose billions

http://news.bbc.co.uk/1/hi/business/7938646.stm

by habs • 17 years ago

8 6 17 years ago

news.bbc.co.uk

dryicerx• 17 years ago

Anyone know the cause or reason for their losses? The article is kind of meaningless without that key information.

jparise• 17 years ago

The original Forbes story has more details: http://www.forbes.com/lists/2009/10/billionaires-2009-riches...

In short, bad investment performance and scuttled merger plans.

Everest• 17 years ago

Yeah I find this article meaningless as well. An exceedingly wealthy person lost half of his wealth and in relative terms to everyone else is still incredibly wealthy. I'm sure that billionaries in Russia, USA, and Middle East had similar experiences last year--who cares if the billionaires were from India?

irrelative• 17 years ago

Indeed. A year ago, Microsoft's stock was around 30$/share, and then this past year fell to low of about 15$/share. I don't think anyone said anything about Bill Gates losing almost half of his net worth (which is presumably still mostly in stock).

FraaJad• 17 years ago

It's the colonial mentality.

We lost the entire period of industrial revolution to these imperial tyrants.

They just can't be happy without being patronizing about India and Indians.

vamsee• 17 years ago

I have to say I'm not entirely suprised - Reliance Group companies (owned by either brother) continue to lose their sheen - they became big players entirely due their father, Dhirubai Ambani. He's known for his ability to bribe and corrupt an entire political system and with little competition in the 'Licence Raj' days (where you basically had to get a 'licence' to start any business from the govt, often riddled with red-tape).

Now that those days are on their way out, and MNCs giving stiff competition in virtually all the industries they are involved in, it is time for reckoning, I guess. Though, it would be remiss to write them off. They're still very rich, and very powerful (politically).

India's richest men lose billions

Related Stories