India’s Wealthiest Business Leaders Recover From March Market Fall

India’s leading billionaires recorded a recovery in net worth after equity markets rebounded in April from the sharp decline seen in March during the escalation of the U.S.-Iran-Israel conflict.

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Data analysed by Moneycontrol showed that Gautam Adani, Ravi Jaipuria, Radhakishan Damani, KP Singh, Kumar Mangalam Birla and Savitri Jindal were among the business leaders who saw a rise in wealth from March lows as stock prices recovered across sectors.

Benchmark indices Sensex and Nifty gained more than 6% each in April. Broader markets also moved higher, with the BSE MidCap 150 index rising 12.7% and the BSE SmallCap 250 index advancing 18%.

Gautam Adani Records Largest Recovery

Gautam Adani, chairman of the Adani Group, saw the biggest increase in wealth among Indian billionaires tracked during the period. According to the data, his net worth rose more than 46% from the March low of $70 billion to $103 billion.

The increase followed gains in several Adani Group companies. Adani Green Energy rose more than 52% from its March low, while Adani Power climbed 47%. Adani Energy Solutions gained 44%, Adani Enterprises advanced 37%, and Adani Ports and SEZ, along with Adani Total Gas, rose 26% each.

Other Billionaires Also See Gains

Ravi Jaipuria, founder and chairman of RJ Corp, recorded a recovery of more than 31% in wealth to $12.5 billion from March levels. Shares of Varun Beverages, a company linked to the group, climbed 34% from their March low.

Radhakishan Damani, founder of Avenue Supermarts, saw his wealth rise 24% to $19 billion. Shares of Avenue Supermarts gained 16% in April after remaining comparatively stable during the March market decline.

KP Singh of DLF and Polycab India promoter Inder Jaisinghani registered gains of around 16% and 17.4%, respectively, in their wealth from March levels.

Lakshmi Mittal of ArcelorMittal and Kumar Mangalam Birla of the Aditya Birla Group recorded recoveries of about 14%, while Savitri Jindal’s wealth increased 13%. Samir Mehta of Torrent Group and Murali Divi of Divi’s Laboratories posted gains of nearly 10% during the same period.

HCL Technologies Impacts Shiv Nadar Wealth

Not all business leaders recorded gains during the recovery phase. HCL Technologies founder Shiv Nadar saw his wealth decline 6%, with his net worth standing at $28.6 billion compared to $30.4 billion at the end of March.

The decline followed a fall in HCL Technologies shares after the company reported its March quarter results and issued FY27 revenue growth guidance of 1% to 4%.

Indian markets had declined sharply in March after crude oil prices crossed $100 per barrel during the conflict in West Asia. Several brokerage firms had lowered Nifty targets during that period amid concerns over earnings growth and elevated oil prices.