This Tycoon Lost $14 Billion in Just Two Years
- Dilip Shanghvi’s net worth has declined to $11.1 billion
- Shares of Sun Pharma hit by twin headwinds from the U.S.
Dilip Shanghvi.
Photographer: Kuni Takahashi/BloombergThis article is for subscribers only.
Dilip Shanghvi’s shrinking fortune has become one of the most visible casualties of the troubles hitting India’s generic drug industry. Once India’s richest person, he recently slipped to No. 6 with his fortune dropping $14.1 billion from its peak of about two years ago.
The founder and head of Sun Pharmaceutical Industries Ltd. has seen his net worth fall to $11.1 billion on the Bloomberg Billionaires Index, as shares of India’s largest drug maker tumbled 56 percent from its all-time high in April 2015. The drop intensified last month after a quarterly earnings report showed the twin headwinds from out of the U.S. that have been hitting India’s drug makers the last few years only worsened for Sun.