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 84.3 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.
Mr. Adani who figured among the top three billionaires in the world has dropped in the ranking to number 10 just below Mukesh Ambani.
At the top of the list is French luxury fashion giant LMVH's Bernard Arnault and family. In December 2022, Louis Vuitton's founder and CEO Bernard Arnault overtook Elon Musk as the world's richest person.
However, these values fluctuate constantly. If there is a gain in Adani's stock, it is expected Adani's personal wealth will rise too.
Fall-out from Hindenburg report
This comes following a report by U.S. short-seller Hindenburg Research on the Adani Group alleging a decades-long fraud scheme, "brazen accounting fraud, stock manipulation and money laundering."
The Hindenburg Research report raised concerns about shares of Adani Group companies having a possibility of declining from their current levels, owing to high valuations. It also said the Group's exposure to debt was a concern.
The Adani Group, however, said it was mulling legal options in the U.S. and India against Hindenburg Research after its report accused firms owned by Gautam Adani of market manipulation and accounting fraud.
Also Read | Hindenburg Research | With an eye for fraud
In a sharp and focused response to Hindenburg Research's report on its businesses, the Adani Group has responded to all 88 questions raised by Hindenburg including the young age of its auditors.
Hindenburg has hit back stating that the Adani Group's accusations are "baseless."
Shares of Adani Group firms fell in morning trade today. However, the key market indices opened with gains as investors' sentiments were boosted over Union Budget expectations.
Shares of Adani Enterprises, the flagship firm of the group, fell 3.02% to ₹2,880.20 apiece on the BSE. In a span of five days, the shares were down 15%. Adani Green declined 3.82% to ₹1,177.15 apiece and the shares had fallen about 38% in a span of five days.