Vijay Mallya loses billionaire tag

However,Mallya ranks well above Naresh Goyal of Jet Airways,who has been ranked by Forbes at 94th position with a fortune of USD 600 million.

8220;King of good times is having nothing but bad times lately. His Mallya8217;s Kingfisher Airlines,weighed down by what is believed to be USD 2 billion in debt,had its license suspended in mid-October after it apparently failed to address Indian regulator8217;s concerns about its ability to operate,8221; the magazine said.

Moreover,the airline hasn8217;t paid staff in seven months and now is offering three months salary but staff wants more and has asked to hear from Mallya directly.

8220;8230;the tycoon,who has pledged a chunk of his shares,is believed to be trying to sell his stake in his liquor company,United Spirits,to Diageo to help pay off the airline8217;s debts.

He has already sold part of his stake in his Formula One team. He owns a cricket team and millions worth of Gandhi memorabilia,Forbes said.

The magazine said the networth is based on shareholding and financial information from the families and individuals,stock exchanges,analysts and India8217;s regulatory agencies.

The fortune is calculated on the basis of stock prices and exchange rates information available as of October 12,it added.