Reliance Industries Chairman Mukesh Ambani has overtaken Adani Group chairman Gautam Adani to become the richest Indian in the world with a net worth of USD 83.7 billion, according to Forbes Real-time billionaire list for 2023.
Mr. Ambani overtook Mr. Adani after the Reliance Industries chairman's assets went up 0.19% with an increase of wealth by $164 million, while Gautam Adani's assets went down by 4.62% with the industrialist's wealth pegged at $84.1 billion, according to the real-time tracker of Forbes of 5 p.m. EST on January 31.
This comes just a week after a report by New York-based Hindenburg Research alleged that Gautam Adani-led group engaged in stock manipulation and accounting fraud. The Adani group has refuted these allegations, terming them “unsubstantiated allegations and misleading narrative”.
Despite the lengthy response provided by the Adani group, the company’s stocks continued to tumble. As per reports, the shares of Adani Group companies plummeted in a three-day selloff that erased over $68 billion in market value.
Adani’s personal wealth was also wiped out by $34 billion in just three trading days, with the tycoon falling from the fourth to 11th spot on the Bloomberg Billionaires Index.
As per the Forbes Real-Time Billionaire List, Ambani, who now occupies the ninth position, has a net worth of $83.7 billion, while Adani ranks at the thirteenth spot with a net worth of $79.0 billion, as of 2:38 pm IST.