Vivid News 24: The chairman of the Adani Group, Gautam Adani, who had been ranked 10th on the Forbes Real-time Billionaires list for 2023 before Mukesh Ambani of Reliance Industries passed him on Wednesday, fell even more and was now ranked 15th.
On the Forbes list, Adani’s net worth is currently reported at USD 75.1 billion, down from USD 83.9 billion earlier in the day. Mukesh Ambani, the chairman of Reliance Industries, beat Adani earlier in the day to become the richest Indian in the world, according to Forbes Real-time billionaire list for 2023, with a net worth of USD 84.3 billion.
Ambani overtook Adani, the chairman of Reliance Industries, according to Forbes’ real-time tracker as of Tuesday at 5 p.m. EST. Ambani experienced a 0.19 percent growth in assets and an increase in wealth of USD 164 million. In contrast, Gautam Adani’s assets had decreased by 4.6 percent, and the industrialist’s wealth was estimated at USD 84.1 billion.
Previously among the top three wealthiest persons in the world, Adani has fallen to number 10, directly behind Mukesh Ambani. Bernard Arnault and his family, owners of the French luxury clothing company LMVH, are at the top of the list. In December 2022, Louis Vuitton founder and CEO Bernard Arnault overcame Elon Musk to claim the title of the world’s richest person.
But these figures are always shifting. Along with an increase in his stock price, Adani’s wealth is predicted to rise. The Adani Group was the subject of a report by US short-seller Hindenburg Research that alleged “brazen accounting fraud, stock manipulation, and money laundering” as components of a decades-long Ponzi scheme.
Although The Adani Group announced that it was considering legal action against Hindenburg Research in both the US and India, Hindenburg Research’s investigation alleged that businesses owned by Gautam Adani were participating in market manipulation and accounting fraud.
The Adani Group addressed each of Hindenburg Research’s 88 inquiries, including the young age of its auditors, in a concise and focused answer to its report on its businesses. Hindenburg called the accusations made by the Adani Group “baseless.” Shares of businesses owned by the Adani Group dropped during this morning’s trading.
However, as investors’ faith in the Union Budget grew, the major market indices opened the day higher. Adani Enterprises, the group’s main company, had a 3.02 percent decline in share price on the BSE, dropping to Rs 2,880.20 per share. Over the course of five days, the shares decreased by 15%. Adani Green’s share price fell 3.82 percent to Rs 1,177.15, a loss of approximately 38 percent in just five days.