New Delhi: In a dramatic shift in the ranks of the world’s wealthiest individuals, Mukesh Ambani has surpassed Gautam Adani to reclaim the title of Asia’s richest person again. According to the Bloomberg Billionaires Index, Ambani is ranked 11th among the world’s wealthiest individuals.
Adani, whose conglomerate suffered a loss of $25 billion in a single day on account of the BJP not getting a majority on its own in the 2024 Lok Sabha elections, has slipped to 15th position.
All 10 Adani Group stocks plummeted, wiping out almost $45 billion in group market value. This was the biggest single-day rout the $189 billion conglomerate has faced, dwarfing the hit from Hindenburg Research’s allegations of corporate malfeasance over a year ago.
Adani’s wealth wipeout was the fourth-largest one-day decline on record caused by market swings, according to the Bloomberg Billionaires Index. The steep loss, exceeded only by Elon Musk and Mark Zuckerberg, toppled Adani as Asia’s richest person and left his fortune at $97.5 billion.
On Monday, bullish exit polls for Modi boosted the Adani Group’s market value by $20 billion.
Meanwhile, Indian shares plunged across the board on Tuesday, marking their worst session in more than four years, as voting trends indicated Prime Minister Narendra Modi’s alliance would not achieve the predicted landslide victory.
