Bad news for Sunil Mittal as Bharti Airtel loses Rs 54483 crore due to...; market cap declines to Rs...

Sunil Mittal is one of the richest men in India with a massive billion-dollar empire. The Indian billionaire runs Bharti Airtel, which is the second-largest telecom firm in India. The company suffered a major loss this week in its market cap after its shares fell by Rs 4.88 per cent to Rs 1,925.70. Airtel lost Rs 54,483 crore in its market valuation, which declined to Rs 10,95,887.62 crore. This week, the benchmark BSE Sensex dropped 932.42 points or 1.11 per cent.

Mcap of eight firms erodes by Rs 2.07 lakh crore

The combined market valuation of eight of the top 10 valued firms eroded by Rs 2.07 lakh crore (Rs 2,07,501.58 crore) this week, with Tata Consultancy Services (TCS) and Bharti Airtel emerging as the worst hit. In contrast, only Bajaj Finance and Hindustan Unilever closed the week with gains in their valuation.

Among major losers, the market valuation of TCS tumbled Rs 56,279.35 crore to Rs 11,81,450.30 crore. Shares of TCS dropped nearly 3.50 per cent on Friday after its June quarter earnings failed to enthuse investors.

Mukesh Ambani's Reliance Industries was the most valued firm, despite losing Rs 44,048.2 crore in its market cap. The market valuation of Reliance Industries declined to Rs 20,22,901.67 crore. Reliance was followed by HDFC Bank, TCS, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Bajaj Finance and Hindustan Unilever in that order.

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Sunil Mittal's net worth

The 67-year-old billionaire has a real-time net worth of USD 14.2 billion, as per Forbes. He is at the 180th position on the world's billionaire list. The telecom tycoon continues to expand his business in other sectors. Recently, his Bharti Airtel US-based private equity major, Warburg Pincus, have submitted a bid to acquire a 49 per cent stake in Haier India, which operates three manufacturing facilities in the country, producing air conditioners, refrigerators, washing machines, and other appliances.

(With inputs from PTI)