[ad_1]
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said:Photo credit: Reuters
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 US$84.3 billion.
According to real-time information, Ambani overtook Adani after the chairman of Reliance Industries’ fortune increased by 0.19% and his wealth increased by $164 million. Meanwhile, Gautam’s Adani assets fell by 4.62% while the businessman’s assets were pegged at his $84.1 billion. Forbes tracker on January 31st at 5pm.
Adani, one of the top 3 billionaires in the world, has fallen to 10th place, just behind Mukesh Ambani.
Topping the list is French luxury fashion giant LMVH’s Bernard Arnault and his family. In December 2022, Louis Vuitton founder and CEO Bernard Arnault will overtake Elon Musk to become the world’s richest person.
However, these values will always fluctuate. Any gains in Adani’s stock are expected to increase Adani’s personal wealth.
Omissions from the Hindenburg Report
It follows a report by US short seller Hindenberg Research on the Adani Group alleging decades of fraudulent schemes, “brazen accounting fraud, stock manipulation and money laundering.”
A Hindenburg Research report expressed concern that shares in Adani Group companies could fall from current levels due to high valuations. He also said the group’s exposure to debt was a concern.
However, the Adani Group said it was considering legal options against Hindenburg Research in the US and India, following reports accusing Gautam Adani-owned companies of market manipulation and accounting fraud.
Read more | The Hindenburg Study | Under the Eye of Fraud
The Adani Group responded to all 88 questions posed by Hindenburg in a sharply targeted response to a report on Hindenburg Research’s business.
Hindenburg countered that the Adani Group’s accusations were “unfounded.”
Shares of Adani Group fell in today’s morning trading. However, major market indices rose as investor sentiment beat the coalition budget’s expectations.
Shares of the group’s flagship Adani Enterprises fell 3.02% to Rs 2,880.20 on the BSE. In five days, the stock has fallen 15%. Adani Green dropped his 3.82% to Rs 1,177.15 and the share price fell about 38% in his five days.
[ad_2]
Source link
