, who have lost about $5 billion, $2 billion, and $1 billion so far this year. Their net worth is down on the back of falling share prices in the companies they hold large stakes in.
Ambani is the chairman and majority shareholder of Reliance Industries, a conglomerate, while Damani is the founder of Avenue Supermarts. The stock of both companies have posted losses this year so far. Share prices of most of Jindal's companies in her steel and power conglomerate are also down this year.
The drama surrounding the Adani Group has hit overall market sentiment in the South Asian market — India's benchmark index, the"Allegations of fraud at one of India's most valuable conglomerates, the Adani Group, have hastened the decline we expected in Indian equities as foreign investors rebalance their portfolios on" Shumita Deveshwar, the chief economist for India at macroeconomic consultancy TS Lombard, wrote in a Monday note seen by Insider.
Investors are bound to intensify their scrutiny of Indian stocks, Deveshwar added, but the country's corporate governance metrics rank better than most emerging markets including Saudi Arabia, China, and Brazil, according to a November 2022 report from TS Lombard.
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