Mukesh Ambani, the chairman of Reliance Industries, has overtaken Adani Group chairman Gautam Adani to become the richest Indian in the world with a net worth of USD 84.3 billion, as per Forbes Real-time billionaire list for 2023.
"Mukesh Ambani overtook Gautam Adani after the Reliance Industries chairman's assets went up 0.19 percent with an increase of wealth by USD 164 million, while Gautam Adani's assets went down by 4.62 percent with the industrialist's wealth pegged at USD 84.1 billion, according to the real-time tracker of Forbes of 5 p.m. on January 31.
With this, Adani who figured among the top 3 billionaires in the world has come down in the ranking to number 10 just below Mukesh Ambani.
French luxury fashion firm LMVH's Bernard Arnault and family are at the top of the list. Bernard Arnault, the creator and CEO of Louis Vuitton, surpassed Elon Musk to become the richest person in the world in December 2022. However, these values fluctuate time to time. If there is a gain in Adani's stock, it is expected Adani's personal wealth will rise too. This follows a report by American short-seller Hindenburg Research on the Adani Group that alleged "brazen accounting fraud, stock manipulation, and money laundering" as part of a decades-long Ponzi operation.
The Hindenburg Research report pointed out concerns about shares of Adani Group entitimes having a possibility of declining from their current levels, due to high valuations. It also said the Group's exposure to debt was a concern. However, following Hindenburg Research's research accusing companies owned by Gautam Adani of market manipulation and accounting fraud, The Adani Group said that it was considering legal action against the company in both India and the United States.
The Adani Group has addressed all 88 of Hindenburg Research's reports, including the inexperience of its auditors, in a concise and targeted response to the report on its operations.
Reacting to the development, Shares of Adani Enterprises, the fell 3.02 percent to Rs2,880.20 per share on the BSE. In a span of five days, the shares were down 15 percent. Adani Green declined 3.82 percent to Rs1,177.15 apiece and the shares had fallen about 38 percent in a span of 5 days.
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