If you can list out, the greatest wealth destroyers in India, over the last 10 years, the name right on top, has been Anil Ambani. Everything he touched, turned to s***
Quite a fall for someone, whose Father, is arguably one of Independent India's greatest wealth creators.
Quite a fall for someone, whose Father, is arguably one of Independent India's greatest wealth creators.
I still remember the brouhaha over the listing of Reliance Power. Articles on him running a marathon, being in the long game, etc etc, ensured it listed at a price over Rs 400 in 2008. Lakhs of people invested, believing the name.
Then This happened.
Then This happened.
2008 Price Today's Price
Reliance Power Rs 350 Rs 1.44
Reliance Communication Rs 804 Rs 0.90
Reliance Naval Whatever Rs 60 Rs 1.48
Reliance Capital Rs 2860 Rs 5.60
Reliance Power Rs 350 Rs 1.44
Reliance Communication Rs 804 Rs 0.90
Reliance Naval Whatever Rs 60 Rs 1.48
Reliance Capital Rs 2860 Rs 5.60
As of today, the total price/share of all Anil Ambani's listed firms, is less than one small bar of Kit Kat.
Imagine the destruction of wealth he has caused.
And then comes debt.
Our man owes close to 50k crore of debt to all banks. That is Rs 500000000000
Imagine the destruction of wealth he has caused.
And then comes debt.
Our man owes close to 50k crore of debt to all banks. That is Rs 500000000000
His debt is so bad, that a company that most of us haven't heard about, Reliance Home Finance, owes about 12,000 Crore.
Guess who he owes it to? Pretty much every bank in trouble.
Yes Bank : Yes, Only Rs 12,000 Crore
IDBI Bank : Double Yes
3 Chinese Banks : Triple Yes
Guess who he owes it to? Pretty much every bank in trouble.
Yes Bank : Yes, Only Rs 12,000 Crore
IDBI Bank : Double Yes
3 Chinese Banks : Triple Yes
And then vendor payments. He tried to wriggle out of paying Rs 1200 Crore to Ericsson. He almost went to Jail. But his big brother came like Padayappa Rajni to his house and gave Ericsson some 20 Suitcases.
But that was Ericsson. They got their money
But that was Ericsson. They got their money
Imagine the plight of small vendors, who haven't and will probably never get paid. I am betting my last rupee, that the tea shop outside his shop, will be owed money.
Who will speak for them?
As for Banks and their loans? Chances of Salman Khan becoming the pope are higher
Who will speak for them?
As for Banks and their loans? Chances of Salman Khan becoming the pope are higher
All in all, I think Anil Ambani, is the single biggest wealth annihilator in the history of India. He has robbed the wealth of the common man, pension funds and countless other investors, who thought an Ambani will multiply our money.
He has left a lot of them, on the street
He has left a lot of them, on the street
What happened when Bank guys went to Anil Ambani to collect their dues.
