Rediffmail Money rediffGURUS BusinessEmail

L N Mittal to be poorer by Rs 40,000 cr!

April 29, 2005 18:04 IST
Source:PTI
Steel king and one of the richest persons in the world, L N Mittal, may be poorer by over Rs 40,000 crore (Rs 400 billion) due to a sharp fall in prices of his flagship company Mittal Steel since March this year.

Listed as the richest Indian and third richest person in the world by international magazines in their recent rankings, his company may be worth about $15 billion or over Rs 65,000 crore (Rs 650 billion) going by the price of $24 a share, and where he and his family have 88 per cent holding.

The World's Richest People 2005

Prices of the scrips of his company have fallen from $42.36 a share at the New York Stock Exchange on March 4, 2005 to $24 a share on April 28, 2005, according to information available from the market.

Going by the March 4 price of shares, Mittal Steel was valued at about $28 billion and Lakshmi Mittal's holding could be estimated at about Rs 115,000 crore (Rs 1150 billion).

Mittal, ranked third on the Forbes list of richest men in the world in their March 2005 rankings, could suffer in terms of his position among the wealthiest men in the world.

Source: PTI
© Copyright 2026 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

WEB STORIES

Fierce Queens Of India: 8 More

The World's 7 Truly Fairytale Castles

When Life Gives You Lemons, Eat Them: 8 Benefits

VIDEOS

NewsBusinessMoviesSportsCricketGet AheadDiscussionLabsMyPageVideosCompany Email