Mittal loses nearly 7 mn pounds per hour: Report

“Over the last four months, he has lost the equivalent of nearly 180 million pounds a day or some seven million pounds an hour,” London’s newspaper Evening Standard said in a report published online on Thursday.

The India-origin chief of world’s largest steel maker ArcelorMittal has lost close to 20 billion pounds in the deepening financial turmoil, Evening Standard said.

Meanwhile, a wealth expert has also said that steel tycoon Mittal has lost an estimated 20 billion pounds owing to the tumbling stock markets and sliding property prices during the last five months.

According to Philip Beresford, the wealth expert who compiles the annual Rich List for The Sunday Times, more than 100 billion pounds would be wiped off the personal fortunes of Britain’s wealthiest industrialists and entrepreneurs in the coming months.

The losses witnessed by Mittal is much higher than others in the top 10 billionaire victims of the financial turmoil in London, compiled by Evening Standard.

Evening Standard said that apart from Mittal, another Non Resident Indian Anil Aggarwal, Chief of mining major Vedanta Resources has also seen an erosion in fortunes due to the financial crisis.