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BW Businessworld

Ambani Regains Richest Indian Spot From Shanghvi

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Industrialist Mukesh Ambani has regained his position as the world's richest Indian with a networth of $19.6 billion, as pharma tycoon Dilip Shanghvi slipped to the second place after remaining on the top for about seven weeks.
Shangvi-led generic drug maker Sun Pharma saw its share price dip by over two per cent in a weak market today, but loss was much lower at 0.55 per cent for Ambani-led business conglomerate Reliance Industries Ltd (RIL).
As a result, Shanghvi saw his networth dip by over $450 million - the third biggest loss among the world's billionaires ranked by business magazine Forbes in its annual rich list.
According to a 'real-time' update provided by Forbes, Shanghvi on Monday slipped to the second position with a networth of $19.3 billion among the richest Indian billionaires, while Ambani returned to the top.
On the global list, Ambani was today ranked 46th, while Shanghvi was 48th - the only two Indians among the top-50.
In the annual list released on March 2, Forbes had ranked Ambani at 39th - highest among Indians - while Shanghvi was at 44th place.
However, Shanghvi overtook Ambani as the richest Indian within two days on March 4 with a sharp rally in the valuation of Sun Pharma.
Globally, Bill Gates continues to top the list with a current networth of $80.3 billion, up from $79.2 billion in the annual list released on March 3.
Ambani and Shanghvi are followed by Azim Premji, Lakshmi Mittal, Shiv Nadar, Kumar Mangalam Birla, Uday Kotak, Sunil Mittal, Cyrus Poonawala and Gautam Adani among the 10-richest Indians.
The Annual Rich List had put Ambani's wealth at $21 billion, based on share prices and exchange rates as on February 13. Ambani was ranked as the richest Indian for eighth consecutive year, although his ranking has come down sharply from among top-ten positions globally earlier.