Gautam Adani is surpassed by Mukesh Ambani to become the richest Indian in the world

According to the Forbes real-time billionaire list for 2023, Reliance Industries Chairman Mukesh Ambani has surpassed Adani Group Chairman Gautam Adani to become the wealthiest Indian in the world with a net worth of $84.3 billion.

Ambani passed Adani after the chairman of Reliance Industries saw a 0.19 percent increase in assets and a $64 million increase in wealth, according to the real-time tracker of Forbes as of Tuesday at 5 p.m. EST. Gautam Adani saw a 4.62 percent decrease in assets and an $84.1 billion decrease in wealth.

Adani, who formerly ranked among the top three richest people in the world, has slipped to number 10, right behind Mukesh Ambani.

The 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.

These numbers, however, are continually changing.

Adani’s personal fortune is anticipated to increase along with a gain in his stock.

This follows a study by US 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.

Because of their high values, shares of Adani group firms may decline from their current levels, according to the Hindenburg Research research.

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Additionally, it stated that the Group’s debt exposure was a worry.

Although Hindenburg Research’s study claimed that businesses owned by Gautam Adani were engaging in market manipulation and accounting fraud, The Adani Group stated that it was considering legal action against Hindenburg Research in both the US and India.

The Adani Group has addressed all 88 of Hindenburg Research’s queries, including the inexperience of its auditors, in a concise and targeted response to the report on its operations.

The Adani Group’s charges, according to Hindenburg, are “baseless.”

In today’s morning trade, shares of companies owned by the Adani Group decreased.

The major market indices did, however, start the day higher as investors’ confidence increased in the Union Budget.

Shares of the group’s flagship company, Adani Enterprises, decreased 3.02 percent to Rs 2,880.20 per share on the BSE.

The shares fell 15% during the course of five days. Adani Green dropped 3.82 percent to Rs 1,177.15 per share, and in only five days, the shares had dropped about 38 percent.