Demonetization wipes out $9 billion from Tata, Birla, Mahindra
Mukesh Ambani’s Reliance remained least impacted amongst all the others.
Promoters of 27 Tata group firms lost ₹ 39,636 crore between November 8 and November 21.
The benchmark Sensex took sharp dip by 7 percent after Prime Minister Narendra Modi’s ‘surgical strike’ on nation’s black money. This drop in Sensex made the Tata, Birla and Mahindras poorer by almost $9 billion. However, according to the trends it seems that the Ambanis are relatively safer than the other billionaires in the country.
Other major industrial groups have also been a lot of money after demonetisation hit the nation. Surprisingly, Mukesh Ambani’s Reliance remained least impacted amongst all the others. According to several data combined together, promoters of 27 Tata group firms lost ₹ 39,636 crore between November 8 and November 21. Promoters of TCS have also lost a whopping ₹ 21, 835 crore. Tata Steel, Tata Motors and Titan have also been on the slide.
AV Birla group promoters lost ₹ 15, 819 crore. Meanwhile, Ultra Tech promoters saw an erosion of ₹ 10, 678 crore.
Mahindra group promoters on the other hand, lost ₹ 6,100 crore in just eight sessions. Other promoters of the same group together lost ₹ 5,278 crore. Tech Mahindra and Mahindra Holidays somehow saved themselves from this major wealth erosion.