According to the Forbes Real-time Billionaires list, Reliance Industries Chairman Mukesh Ambani has surpassed Gautam Adani as the world’s richest Indian.
Gautam Adani, who has an estimated net worth of $84.4 billion, was previously ranked 11th in the world on the Bloomberg Billionaires Index. This is a significant decrease from Adani Group Chairman Adani’s projected $121 billion fortune at the start of the year, which put Adani in third position, after LVMH CEO Bernard Arnault and Tesla CEO Elon Musk.
Ambani placed in 12th place with a net worth of $82.2 billion, just below Adani. Adani was thought to be in risk of losing his position as Asia’s richest man to Ambani if his fortune continued to decline.
Despite the company having completed a closely supervised share sale the day before, the bulk of Adani Group stocks plummeted on February 1, resulting in $72 billion in losses.
Hindenburg Research said this week that offshore tax havens were being utilised incorrectly, raising red signals about rising debt. Shares in seven Adani listed firms have an extra 85% downside due to “sky-high valuation,” according to the report.
Adani Group has angrily denied the allegations and termed them false, noting that it has always submitted the requisite regulatory disclosures.
According to The Sydney Morning Herald, the Australian Securities and Investments Commission (ASIC) is presently analysing Hindenburg Findings’s research to see whether any regulatory action is warranted. The Indian conglomerate’s stock value plunged by $65 billion last week as a consequence of worries made by a short-seller in the United States over the company’s unsustainable debt levels.
