Monday, August 8, 2011

Lakshmi Mittal

Lakshmi Mittal loses 2.16 billion pounds following
market crash 

Steel magnate and Britain's richest man Lakshmi Mittal has lost 2.16 billion pounds with in a week following the global stock market crash.
The share price his company Arcelor Mittal, of which he owns 40.83 per cent, plummeted 18.7 percent this week reducing the value of his fortune to 9.7 billion pounds, the Daily Mail reports.
The non-resident Indian employs 320,000 people in 60 countries and lives in Bernie Ecclestone's former home in Kensington that he bought for a reported 57million pounds in 2004.
The catastrophic six days for stocks on both sides of the Atlantic has increased fears that this meltdown will lead to a dreaded double-dip recession.
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