‘Mittal loses 16 billion pounds in credit crunch’

October 5th, 2008 - 5:59 pm ICT by IANS  

London, Oct 5 (IANS) More than 16 billion pounds have been wiped off the fortune of India-born steel magnate Lakshmi Niwas Mittal, making him Britain’s biggest loser from the global credit crunch, a newspaper reported Sunday.Mittal is among 10 super-rich Britons who have lost 23 billion pounds between them, the Sunday Times reported.

Mittal, Britain’s wealthiest man and head of the world’s largest steel company ArcelorMittal, remains a multi-billionaire, the paper said.

But Mittal’s family stake in the company has fallen from 33.24 billion pounds on June 4 to 16.63 billion pounds Friday - equivalent to losing nearly six million pounds an hour, or 137 million pounds a day.

The paper said the losses suffered by other billionaires pale in comparison to Mittal’s.

However, another Indian-origin billionaire to have been hit hard is Vedanta head Anil Agarwal, who is 2.7 billion pounds poorer, the paper added.

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