Post by QPR Report on Nov 3, 2008 17:13:23 GMT
I think all QPR fans very genuinely wish the Mittal family a full and speedy economic recovery! 
Lakshmi Mittal loses $50-bn in five months
London, Nov 2 (PTI) After braving the global financial crisis for months, the creaks are getting wider in the market value of steel empire created by the world's richest Indian Lakshmi Mittal, with about USD 50 billion knocked off from the net worth of NRI business tycoon himself.
While the US and European markets started their downslide way back in August-September last year, ArcelorMittal, the world's largest steelmaker, continued to gain value till about five months ago and its share price scaled a life-time high of 104.77 dollars on June 5 at the US bourses.
However, the valuation has now dipped to below the one-fourth of its record high level and the company's shares, which are listed at NYSE as well as on some European bourses, are currently trading near 25 dollars level.
During these five months, the company's market capitalisation has also plummeted to 37.3 billion dollars, from a high of over 150 billion dollars. Accordingly, the net worth of Lakshmi Mittal, who along with his family members hold a 43.02 per cent equity, has also dipped to just about 16 billion dollars from as high as about 66 billion dollars on June 5.
According to the company's latest shareholding data, the Mittal family owns 623.285 million shares of the company, while the remaining holding is in the form of public holding and treasury shares.
The value of non-promoter shares has also plunged sharply from about 85 billion dollars to about 20 billion dollars and some analysts expect that Mittal and the company's top management team could have to brave queries from shareholders on this front when they meet next week after announcement of the company's third quarter results on November 5.
Lakshmi Mittal loses $50-bn in five months
London, Nov 2 (PTI) After braving the global financial crisis for months, the creaks are getting wider in the market value of steel empire created by the world's richest Indian Lakshmi Mittal, with about USD 50 billion knocked off from the net worth of NRI business tycoon himself.
While the US and European markets started their downslide way back in August-September last year, ArcelorMittal, the world's largest steelmaker, continued to gain value till about five months ago and its share price scaled a life-time high of 104.77 dollars on June 5 at the US bourses.
However, the valuation has now dipped to below the one-fourth of its record high level and the company's shares, which are listed at NYSE as well as on some European bourses, are currently trading near 25 dollars level.
During these five months, the company's market capitalisation has also plummeted to 37.3 billion dollars, from a high of over 150 billion dollars. Accordingly, the net worth of Lakshmi Mittal, who along with his family members hold a 43.02 per cent equity, has also dipped to just about 16 billion dollars from as high as about 66 billion dollars on June 5.
According to the company's latest shareholding data, the Mittal family owns 623.285 million shares of the company, while the remaining holding is in the form of public holding and treasury shares.
The value of non-promoter shares has also plunged sharply from about 85 billion dollars to about 20 billion dollars and some analysts expect that Mittal and the company's top management team could have to brave queries from shareholders on this front when they meet next week after announcement of the company's third quarter results on November 5.
