Flipkart founders Sachin and Binny Bansal, whose wealth have fallen as a result of successive devaluation of their firm, are out of the billionaires' list.
Read: Morgan Stanley reduces Flipkart's share value by 27%
Sachin Bansal and Binny Bansal are amongst the 31 Indian billionaires who are out of the Hurun Global Rich-Indian billionaires list.
Reliance Industries Chairman, Mukesh Ambani has topped the Hurun Global Rich-Indian billionaires list for 2017 which has identified 132 Indians or Indian origin billionaires with $1 billion or more. Acharya Balakrishna, Patanjali's managing director and primary stakeholder has secured 28th position on the list.
On November 28, 2016 Morgan Stanley marked down Flipkart's valuation - for the fourth time in a year. From $15.2 billion in May 2015, Flipkart dropped to $5.5 billion in valuation, according to Morgan Stanley.
While Amazon India pumped money to expand, investors in Flipkart became more cautious which led to the devaluation.
11 of the 31 Indian billionaires missed the list, thanks to Indian Prime Minister Narendra Modi's decision to demonetise old Rs 500 and Rs 1,000 notes.
According to Business Today, Anas Rahman Junaid, Managing Director and Chief Researcher, Hurun Report India said, "India had a tough year because of disruptive government policies such as demonetisation drive. However, on a long term perspective, we do believe that such transparent currency economics will have a positive impact for the entrepreneurs."
