Kumar Mangalam Birla loses $3 billion as mobile war weighs on wealth

The financial distress at Vodafone Group Plc’s Indian venture has dragged down the wealth of Kumar Mangalam Birla, whose group is the second-largest investor in the teetering wireless carrier. The tycoon, who joined forces with the British operator last year, has lost about a third of his fortune since the end of 2017 as mounting losses and debt decimated the equity of the troubled Vodafone Idea Ltd. In addition, shares of his flagship firms that produce chemicals, metals and cement have also tumbled amid a demand slump, eroding his wealth.

The net worth of Birla has shrunk to about $6 billion from $9.1 billion two years ago, according to the Bloomberg Billionaires Index. A majority of his fortune is derived from his ownership of Aditya Birla Group, a conglomerate that controls his main holdings.