Reliance Industries Chairman Mukesh Ambani has overtaken Gautam Adani as the richest Indian in the world, due to the impact of the Hindenburg research report on the group, according to the Forbes Real-time Billionaires list.
Ambani overtook Adani after Reliance Industries chairman’s assets went up 0.19 per cent with an increase of wealth by $164 million, while Gautam Adani’s assets went down by 4.62 per cent with the industrialist’s wealth pegged at $84.1 billion.
This comes following a report by US short-seller Hindenburg Research on the Adani Group alleging a decades-long fraud scheme, “brazen accounting fraud, stock manipulation and money laundering.”
Currently, the net worth of Adani is $84 billion whereas Ambani’s net worth is $84.4 billion. Adani, with an estimated net worth of $84.4 billion, earlier became the 11th richest person in the world, according to the Bloomberg Billionaires Index.
After losing over $50 billion in less than 50 days, Adani is $400 million poorer than Mukesh Ambani.
Ever since the release of the report against Adani Group, Gautam Adani is losing billions of dollars daily due to drop in his companies’ shares.
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