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Mukesh Ambani becomes richest Asian again as stock meltdown wipes billions off Gautam Adani’s net worth – The Financial Express

Mukesh Ambani, Chairman of Reliance Industries, once again reclaimed India and Asia’s richest spot with a net worth of $81 billion, according to the Bloomberg Billionaires Index. Ambani’s rise to the top once more comes as billions were shaved off Gautam Adani’s net worth after a US-based short seller Hindenburg Research released a report alleging Adani of fraud and stock manipulation. With a net worth of $72.1 billion, Adani is now ranked 13th on the index, one spot behind Mukesh Ambani who is the 12th richest person in the world.

On 17 January, a day before Hindenburg came out with its report, Adani’s net worth was $124 billion, making him the world’s third richest person at the time. Since then, his net worth has gone down by nearly $52 billion. From being the biggest wealth gainer in 2022, the Indian billionaire has become the biggest loser on Bloomberg’s rich list this year. Adani has lost $48.5 billion year-to-date, according to Bloomberg data. Since short-seller Hindenburg released its report, Adani companies lost $90 billion in market value, which wiped billions off Adani”s fortune.

The Hindenburg report alleged stock manipulation and accounting fraud by Adani. It also accused Adani’s brother of shady dealings. The short-seller in its report said that Gautam Adani’s brother, Vinod Adani, manages a “labyrinth” of shell companies. It also alleged that offshore tax havens were being used improperly by the Indian conglomerate, and it raised red flags regarding group’s increasing debt. According to what it called “sky-high valuation”, shares in seven Adani-listed companies have an additional 85% downside. The charges have been vehemently refuted, and called unfounded by the Adani Group.

Meanwhile, Mukesh Ambani who is once again India’s and Asia’s richest person, also saw his net worth falling this year. Ambani’s fortune has gone down by $6.08 billion so far this year, according to Bloomberg. At the top of the list is French luxury fashion giant LMVH’s Bernard Arnault with a net worth of $191 billion. In December 2022, Louis Vuitton’s founder and CEO overtook Elon Musk as the world’s richest person. Musk’s net worth is $169 billion at the moment.