Black Monday blows: Asia’s richest, including Gautam Adani, Mukesh Ambani, lose $46 billion as Trump tariff hits market

Asia’s top billionaires, including Gautam Adani and Mukesh Ambani, cumulatively lost nearly $46 billion on ‘Black Monday' after Indian stock markets were battered as investors fretted over the economic fallout of the US President Donald Trump’s tariff announcements.

In India, infrastructure tycoon Gautam Adani's wealth slid by $4.26 billion, and Mukesh Ambani's wealth dropped by nearly $3.5 billion, as per the Bloomberg Billionaire Index.

Tencent Holdings Ltd. co-founder Pony Ma lost $6.8 billion, or 12% of his total wealth. Robin Zeng, the Hong Kong battery billionaire, dropped $4.1 billion, Bloomberg reported.

The world's 20 richest individuals saw a cumulative $45.9 billion wiped out from their fortunes, according to the Bloomberg Billionaires Index.

Which Indian billionaires lost the most?

Gautam Adani, the second-richest Indian, took the biggest hit amid the stock market turmoil, with his net worth dropping by $4.26 billion to $70 billion. India's richest person, Mukesh Ambani, experienced the second-largest loss, as his wealth shrank by $3.48 billion to $83.4 billion, as per the Bloomberg Billionaires Index.

The five Indian billionaires who had a huge part of their fortunes wiped out on ‘Black Monday’ are: Gautam Adani, Mukesh Ambani, Savitri Jindal, Shiv Nadar and Shapoor Mistry, according to the Bloomberg Billionaires Index.

1. Gautam Adani

Gautam Adani, the chairperson of the Adani Group and India's second-richest person, experienced the largest loss, with $4.26 billion shrinking from his net worth on Monday. By the end of the trading day, his net worth was $70 billion, according to Bloomberg.

2. Mukesh Ambani

Mukesh Ambani, the chairperson of Reliance Group and India's richest person, was the second biggest loser in the Black Monday crash, with his net worth dropping by $3.48 billion to $83.4 billion.

3. Savitri Jindal

Savitri Jindal, chairperson of the Jindal Group, a major player in steel, power, cement, and infrastructure, saw her net worth decline by $2.28 billion to $29 billion, as per Bloomberg.

4. Shiv Nadar

Shiv Nadar, co-founder of HCL Tech and the fourth richest person in India, saw his wealth fall by $1.34 billion amid the market turmoil. His net worth now stands at $32 billion.

5. Shapoor Mistry

The man behind the 159-year-old engineering and construction giant Shapoorji Pallonji Group, Shapoor Mistry, saw his net worth drop by $1.16 billion in Monday's stock market crash, leaving him with a net worth of $32 billion.

Trump's tariffs rattle Indian stock market

India's richest suffered a major blow owing to the ugly plunge fueled by Trump's tariffs. On Monday, April 7, the 30-share BSE benchmark Sensex plunged 2,226.79 points, or 2.95%, ending at 73,137.90. During the day, it dropped as much as 3,939.68 points, or 5.22%, to 71,425.01.

On Tuesday, April 8, however, the indices recovered some of the losses from the previous session. The benchmark Sensex jumped more than 1,100 points to trade above 74,200, while the Nifty 50 rallied 1.7% to surge above 22,500 level.

Elon Musk, other billionaires not spared

Not just the Indian billionaires, but other global business tycoons, including Elon Musk and Lei Jun, suffered massive losses owing to Donald Trump's tariff tantrums.

Elon Musk, the richest person in the world and Donald Trump's closest aide, has seen his wealth slip below $300 billion due to the impact of US tariffs.

Lei Jun, chairman of Xiaomi Corp., saw his wealth drop 20%, or $7.8 billion, as per the Bloomberg Billionaires Index.