(Bloomberg) Mukesh Ambani, India’s richest man, is the biggest loser among the country’s billionaires as the rupee’s slump to record lows erased 24 percent of his fortune.

The chairman of Reliance Industries Ltd. (RIL), operator of the world’s biggest oil refinery complex, has lost $5.6 billion of his wealth since May 1, as the rupee’s plunge accelerated. The 56-year-old is left with a net worth of $17.5 billion, according to the Bloomberg Billionaires Index.

The Indian rupee is the worst-performing major currency in the world in the past month, coming under pressure as international investors sold emerging-market assets amid concern the U.S. will pare its $85 billion monthly stimulus.

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