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'Mittal loses 16 billion pounds in credit crunch'

INT22International/Diaspora/Business/Economy'Mittal loses 16 billion pounds in credit crunch'London, Oct 5 IANS More than 16 billion pounds have been wiped off the fortune of India-born steel magnate Lakshmi Niwas Mittal, making him Britain's biggest loser from the global credit crunch, a newspaper reported Sunday. Mittal is among 10 super-rich Britons who have lost 23 billion pounds between them, the Sunday Times reported. Mittal, Britain's wealthiest man and head of the world's largest steel company ArcelorMittal, remains a multi-billionaire, the paper said. But Mittal's family stake in the company has fallen from 33.24 billion pounds on June 4 to 16.63 billion pounds Friday - equivalent to losing nearly six million pounds an hour, or 137 million pounds a day. The paper said the losses suffered by other billionaires pale in comparison to Mittal's. However, another Indian-origin billionaire to have been hit hard is Vedanta head Anil Agarwal, who is 2.7 billion pounds poorer, the paper added. --Indo-Asian News Servicedds/am/vt 173 Words*05101624