Mukesh Ambani overtakes Gautam Adani as richest Indian: Forbes

After the publication of the Hindenburg report, the Adani Group lost more than USD 50 billion in market value in just two trading sessions, with Chairman Gautam Adani losing over USD 20 billion, or about one-fifth of his total fortune.

Mukesh Ambani. (File)

Listen to this article

00:00

1x 1.5x 1.8x

Chairman of Reliance Industries Ltd Mukesh Ambani has overtaken Gautam Adani as the richest Indian in the world with a net worth of USD 84.3 billion, according to the Forbes Real-time Billionaires list.

According to Forbes, Ambani’s assets increased by 0.19 percent with a rise in wealth of USD 164 million, while Adani’s assets decreased by 4.62 percent with an industrial wealth of USD 84.1 billion.

This comes days after the New York-based Hindenburg Research released a report accusing Adani Group of brazen stock manipulation.

Story continues below this ad

After the publication of the Hindenburg report, the Adani Group lost more than USD 50 billion in market value in just two trading sessions, with Chairman Gautam Adani losing over USD 20 billion, or about one-fifth of his total fortune.

The Hindenburg Research study expressed concern that shares of Adani Group firms could fall from their current levels due to high valuations. It also expressed concern about the group’s debt exposure.

Adani Enterprises, the group’s flagship company, slid 3.02 percent to Rs. 2,880.20 per share on the BSE. In just five days, the stock had dropped 15%. Adani Green fell 3.82 percent to Rs 1,177.15 per share, and the stock has dropped over 38 percent in the last five days.

With ANI inputs

Tags:
Mukesh Ambani

A court in Antwerp passed the order initiating the formal process of bringing Choksi back to India. But, he still has options to challenge the order passed by the lower court.

Belgian court clears fugitive jeweller Mehul Choksi’s extradition to India

India2 hr ago

Mehul Choksi, a fugitive diamantaire wanted in India for a Rs 13,000 crore loan fraud case, has been cleared for extradition by a court in Antwerp, Belgium. The Indian government has assured that Choksi will be held in a specific jail complex and provided with basic amenities if extradited. Choksi's extradition proceedings have advanced in Belgium and he has the option to challenge the order.

View all shorts

Live Blog

PHOTOS