A third of India’s richest individuals lost
their billionaire status last year, as the country’s stock market dived by 27 per
cent, according to a new report.

The
stock market wipe-out caused by the global economic slowdown and the
government's uncertain policy erased as many as 20 of India’s 60 billionaires,
according to the study by ET Intelligence
Group.

RPG Group's HV Goenka, Lanco Group's LM Rao, the Dhoot brothers
of Videocon, GTL's Manoj Tirodkar and Tulsi Tanti of Suzlon are among the
magnates who saw their holdings fall below the $1-billion mark, said The Economic Times.

No-one
was immune to the difficult economic environment. The 40 remaining billionaires
lost on average 38 per cent of their net worth.

At
the top of the pile is still Mukesh Ambani, whose $34.7 billion of assets
nearly halved in just 12 months to $19.1 billion. Sunil Bharti Mittal jumped up
from third to second. He lost $4 billion off his $20.7 billion net worth,
and is now worth $16.7 billion. Down to third place is Azim Premjl, who lost
nearly a third from his $21.3 billion of assets, and is now woth $14.6 billion.

ET
calculated the wealth or net worth of promoters by multiplying the market cap
of listed entities with promoter holding exclusive of cross-holdings.

The
effects of the global slowdown and the ongoing European debt crisis is being
felt all over Asia, despite the strong growth predictions for the region.
Earlier this week Forbes published
its Hong Kong Rich List, to reveal that the city-state’s wealthiest
billionaires had lost 7 per cent of their net worth, reported here.