MUKESH AMBANI BEATS LAKSHMI MITTAL AS THE RICHEST INDIAN

Mukesh Ambani has replaced steel magnate Lakshmi Niwas Mittal as the richest Indian in the world, according to the latest Forbes annual rich list for the country.

UK resident Lakshmi Mittal, dropped 30.5 billion dollar amid plunging steel prices and slipped to No. 2.

Mukesh Ambani, who oversees petrochemicals giant Reliance Industries, grabs the top spot for the first time, despite losing 28.2 billion dollar in the past year. His estranged brother, Anil, ranked third, is the biggest dollar loser, down 32.5 billion dollar, Forbes said.

Telecom czar Sunil Mittal and realtor K P Singh are ranked fourth and fifth with net worth of 7.9 billion dollar and 7.8 billion dollar, respectively.

Forbes said that the combined net worth of India's 40 richest has declined by 60 percent due to weak stock markets amid depreciating rupee against the greenback.

Their total wealth is now 139 billion dollar, down from 351 billion dollar just a year ago, according to Forbes India Rich List.

Others Indians in the rich list were nearly wiped out entirely. India's wind power man Tulsi Tanti and his brothers lost 91 percent of their fortune, amid reports about the poor quality of Suzlon's wind blades.

Real estate fortunes were among those hit the hardest. K.P.Singh lost 27.2 dollar billion since Forbes last published listing but is down an astonishing 39 billion dollar since his DLF stock peaked in January.

Property tycoon Ramesh Chandra's net worth dropped 91 percent to 1 billion dollar. His Unitech lost half its market capitalization in one day last month.

While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worths now. A net worth of 760 million dollar was needed to make to the list this year, 840 million dollar less than last year.

The Ruia brothers were ranked at sixth position with a net worth of 7.6 billion dollar, followed by Wipro Chairman Aziz Premji, worth 7 billion dollar.

The new entrants in the list are retailer Micky Jagtiani at 16th position with a net worth of 2 billion dollar, followed by Divi's Laboratories' founder Murali Divi at 36th place with a net worth of 870 billion dollar