NEW DELHI: Mukesh Ambani, Chairman and managing director of the diversified Reliance Industries' worth dropped 28% to $48 billion in two months due to coronavirus pandemic.
According to Hurun Global Rich List, his global ranking is down by eight places and currently stands at 17th.
“India’s top entrepreneurs have been hit by a 26 per cent drop in the stock markets and a 5.2 per cent drop in the value of the rupee compared with the US Dollar. For Mukesh Ambani, it has been a perfect storm, with his wealth down 28 per cent,” Hurun Report India Managing Director Anas Rahman said.
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Meanwhile, the Confederation of All India Traders (CAIT) has written to Union Finance Minister Nirmala Sitharaman to seek a relief package for traders, including waiver on loan interest for lockdown period.
It stressed the need for a strong stimulus package for small businesses in the country in view of the packages announced for other sectors of the economy.
Noting that EMIs have been deferred for three months on certain loans, the traders body said in its letter: “Also the bank interest on CC (cash credit) /OD (overdraft account)/TL (term loan) or any kind of loan should be waived for the effected period of lockdown.”
The waiver would allow all Indians to survive with the reduced payouts and for businesses to survive the zero-revenue period, it pointed out.
“Care must be taken that the interest recovery is not spread out to later months or period and, similarly, banks may restrict interest payments on deposits to match the loss of interest on bank assets.
In the letter, CAIT National secretary general Praveen Khandelwal also sought a cap on the residential and commercial rents for the lockdown period.
“Residential and commercial rents be capped at between 10-25 per cent during this period, to allow landlords to see through such period and yet allow individuals and businesses to see through the period of no revenues or low salaries.”
Further, the traders’ body has also sought the government permission to cap the salary of the workers in the segment.