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Market Rout Deepens, Billionaire Fortunes Take A Hit — Premji, Nadar, Nadar, Lodha Among Worst Hit
Market Rout Deepens, Billionaire Fortunes Take A Hit — Premji, Nadar, Nadar, Lodha Among Worst Hit
India’s billionaires across the information technology, real estate and aviation sectors have been among the worst hit during the recent selloff in Indian equities in 2026.
Data shows that several prominent business leaders have seen sharp declines in their net worth as market volatility and global uncertainties weighed on key sectors. In the IT space, Wipro promoter Azim Premji and HCL Technologies founder Shiv Nadar were among those witnessing significant wealth erosion.
In the real estate sector, DLF promoter KP Singh, India’s richest property developer, and Macrotech Developers founder Mangal Prabhat Lodha also saw notable declines in their fortunes during the ongoing market correction.
Meanwhile, Rahul Bhatia, co-founder of IndiGo, has also seen his wealth decline amid a sharp rise in global crude oil prices triggered by escalating tensions between the US–Israel and Iran, which has raised concerns about aviation fuel costs and operational disruptions in the Middle East.
Among those affected, KP Singh recorded the steepest drop, with his net worth falling more than 23 per cent so far in 2026 to about $11 billion. He was followed by Azim Premji and RJ Corp founder Ravi Jaipuria, whose wealth declined roughly 21 per cent each during the same period.
Mangal Prabhat Lodha ranked fourth on the list of biggest wealth declines, with his net worth falling about 19 per cent, while Rahul Bhatia’s wealth dropped nearly 18 per cent. Shiv Nadar ranked sixth, with his wealth declining around 17 per cent.
Real estate stocks have remained under pressure this year as the broader equity market correction has weighed on investor sentiment. Analysts also point to concerns that prolonged weakness in IT stocks could eventually spill over into demand for commercial real estate and property valuations.
Technology stocks, in particular, have faced headwinds amid rising concerns about artificial intelligence-driven disruption. AI firm Anthropic recently indicated that its tools could significantly reduce the cost and complexity of modernising legacy software systems—an area that has traditionally generated substantial revenue for IT services companies. Reflecting this uncertainty, the Nifty IT index has declined about 23.5 per cent in 2026, while the Nifty Realty index has fallen roughly 19.1 per cent.
Several other prominent billionaires have also seen declines in their wealth. Bharti Airtel chairman Sunil Mittal’s net worth fell around 17 per cent to $24.7 billion, while Shapoor Mistry’s group wealth dropped about 16 per cent to $29.7 billion.
Uday Kotak, former managing director of Kotak Mahindra Bank, saw his wealth decline about 16 per cent to $13.7 billion. Reliance Industries chairman Mukesh Ambani’s wealth slipped roughly 15 per cent, while Adani Group chairman Gautam Adani’s net worth declined about 10 per cent.
Among others, Eicher Motors founder Vikram Lal’s wealth fell around 9.4 per cent, while Polycab chairman Inder Jaisinghani saw an 8 per cent drop. Britannia Industries’ Nusli Wadia also saw his wealth decline about 8 per cent.
Meanwhile, Murali Divi of Divi’s Laboratories, Aditya Birla Group chairman Kumar Mangalam Birla, and Serum Institute of India chairman Cyrus Poonawalla each recorded declines of about 6 per cent in their wealth.
Despite the broad market downturn, a few Indian billionaires managed to increase their wealth. Torrent Group promoters Samir Mehta and Sudhir Mehta saw their fortunes rise about 8.5 per cent each during the period. ArcelorMittal chairman Lakshmi Mittal’s wealth increased about 3.1 per cent, while Sun Pharmaceutical Industries founder Dilip Shanghvi’s net worth rose around 3 per cent.
The sharp wealth erosion comes amid a broader correction in Indian equities following the escalation of the US–Israel–Iran conflict, which has rattled global markets and pushed energy prices higher. Since the start of the year, the Sensex and Nifty have fallen around 12.5 per cent and 11.4 per cent respectively, while broader markets have also weakened. The BSE MidCap 150 index has declined about 10.22 per cent, and the BSE SmallCap 250 index has dropped nearly 12.3 per cent, reflecting widespread selling across market segments.
Source: News18
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