Deals
Billionaires Lose as India Mine Permits Ruled Illegal
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Billionaires Anil Ambani, Kumar Mangalam Birla and Savitri Jindal lost a combined $1 billion of their net worth after India’s highest court ruled that the allocation of coal mines since 1993 was illegal.
The verdict yesterday spurred concern mining permits may be canceled or penalties imposed, driving down the shares of their companies in Mumbai. Jindal Steel & Power Ltd. plunged 6.5 percent at the close in Mumbai, its biggest two-day loss since October 2008. Ambani-controlled Reliance Power Ltd. fell 6.9 percent. Birla’s Hindalco Industries Ltd. gained 3.4 percent, reversing an early decline of as much as 4.3 percent.