The downturn in the Indian stock market has taken down the wealth of India’s top industrialists, Gautam Adani and Mukesh Ambani.
The Indian stock market experienced a significant selloff on October 25, resulting in heavy losses for major conglomerates like the Adani Group and others. This market downturn created a financial challenge for industry leaders like Gautam Adani and Mukesh Ambani.
Gautam Adani Lost Billions
Gautam Adani, Chairman of the Adani Group, saw an extraordinary decline in his wealth, losing $3.52 billion in a single day. This translated to an estimated Rs 2,960 crore (about $352 million). Despite the drop, Adani managed to retain his place as the 18th wealthiest person in the Bloomberg Billionaires Index, though his net worth now stands at $90 billion.
Mukesh Ambani’s Ranking Falls Down In Richest List
Reliance Industries’ Chairman Mukesh Ambani also experienced a notable reduction in wealth as the company’s shares dropped by 0.91%, closing at Rs 2,655.45. Ambani’s net worth fell by $97.7 million and ranking fell down to the 17th richest person globally, with a net worth now at the $100 billion mark. However, he is on the verge of slipping out of the $100 billion club.
Adani Group & Reliance Industries Big Fall
The recent stock market volatility affected Adani and Ambani positions financially. Adani, who established the Adani Group, one of India’s major infrastructure conglomerates, has diversified holdings, including India’s largest private port and extensive coal trading operations. Adani Enterprises, the flagship company of the group, reported revenue of $11.6 billion for the year ending March 31, 2024.
Reliance Industries, led by Ambani, remains a major player in the oil, petrochemical, and telecom sectors. Despite the decline in its shares, Reliance Industries has held a resilient position globally.
Global Billionaires: Musk, Bezos, and Zuckerberg Lead
In the global billionaire rankings, Elon Musk tops the Bloomberg Billionaires Index with a net worth of $277 billion. He saw a rise of $6.26 billion in his wealth recently, maintaining his status as the wealthiest person worldwide. Amazon founder Jeff Bezos follows in second place with $211 billion, while Mark Zuckerberg ranks third with $203 billion.Source India.com