Is recession really affecting the Indian business tycoons?

Definitely, these are painful times for India's tycoons. The country's once soaring stock market fell 48% the past year, the rupee depreciated 24% against the dollar, and GDP growth is expected to slow by at least a percentage point, in part owing to double-digit inflation (As per a report by Forbes Asia). The report also claims that, the combined net worth of India's 40 richest has declined by 60% due to weak stock markets amid depreciating rupee against the dollar. Their total wealth is now $139bn, down from $351bn just a year ago. While all 40 tycoons listed last year were billionaires, only 27 have 10-figure net worth now. Reliance Industries' Mukesh Ambani has overtaken NRI steel tycoon Lakshmi Mittal ($20.5bn) as the richest Indian in the world, with a net worth of $20.8bn. His brother Anil Ambani is in third position with $12.5bn. Hoping for the better days, with Obama's election as President.....