Corona crypt drowns Rs 31 lakh crore in 7 days

New Delhi, 29 February 2020 Saturday

Following the coronavirus health sector, the worldwide equity market has also started to wrap up. Corona's hoof has seen massive sales in almost all the stock markets around the world, including India.

Billionaires from all over the world are facing huge losses due to heavy selling in the market. According to a Bloomberg report, the wealth of the top 500 billionaires in the whole world has been declining by about $ 444 billion (about Rs 31.52 lakh crore) in seven days.

Analysts believe that this is the first time since the financial crisis in 2008, in which the stock market has fallen downside down. According to one estimate, around 6 lakh crore sank in the worldwide market during the 2008 financial crisis. About $ 6 million was drowned in stock markets around the world.

Top 3 billionaires sink $ 30 billion

During the first two months of this year, the total wealth of the top 500 richest people in the world increased by $ 78 billion (about $ 5.53 million) during January and February.

But it is far from safeguarding these earnings in the wake of heavy selling in the market, with over $ 366 billion of these billionaires being sunk in the last seven days.

In terms of the top 3 billionaires in the world, Amazon's Jeff Bezos, Microsoft's Bill Gates and LVMS's Bernard Earnholt alone have lost $ 30 billion (about $ 2.21 million).

What is the status of Indian billionaires?

Talking about the Indian stock market, the wealth of promoters of IT sector companies has dropped drastically. Promoters of HCL, Wipro and Infosys lost $ 3.2 billion (about Rs 22,720 thousand crore) in just two days. If you also add TCS to this list, the amount will rise to $ 9 billion.

The biggest loss in the Indian market is the HCL's Shiv Nadar and Wipro's Azim Premji's biggest loss. The total assets of the duo have declined by $ 1.6 billion and $ 1.4 billion respectively. Besides, the list of Indian billionaires includes Kumar Mangalam Birla, Uday Kotak, whose wealth has also declined.