Mukesh Ambani and Gautam Adani’s net Worth Drops Below $100 Billion Amid Growing Challenges
Mukesh Ambani, chairman of Reliance Industries Ltd, and Gautam Adani, founder of the Adani Group, are facing a variety of challenges that are reshaping their net worth and the fortunes of their respective groups.
The net worth of both India’s richest businessmen Mukesh Ambani and Gautam Adani has dropped below $100 billion in recent months, marking a significant shift in their financial trajectory. Mukesh Ambani, chairman of Reliance Industries Ltd, and Gautam Adani, founder of the Adani Group, are facing a variety of challenges that are reshaping their net worth and the fortunes of their respective groups.
The drop in Ambani and Adani’s wealth comes amid broader financial struggles at their core businesses, according to Bloomberg. Despite these challenges, the wealth of India’s top 20 billionaires has increased by a total of $67.3 billion this year.
Mukesh Ambani’s wealth falls:
Mukesh Ambani’s net worth, which peaked at $120.8 billion during his son Anant’s lavish wedding celebrations in July, has fallen to $96.7 billion as of December 13, according to the Bloomberg Billionaires Index (BBI). The drop reflects challenges in Reliance’s core businesses, particularly the energy and retail sectors, which have performed poorly in recent months.
Gautam Adani’s Net Worth and Growing Troubles:
Gautam Adani, once the world’s second-richest person, has faced even more serious challenges. According to the BBI, his net worth has fallen from $122.3 billion in June to $82.1 billion in December. This massive drop comes after several allegations and investigations that have shaken investor confidence in the Adani Group.
The US Department of Justice (DOJ) launched an investigation into alleged bribery involving the Adani Group in November, building on the findings of a Hindenburg Research report published last year. Hindenburg’s report accused the group of committing fraud, a claim that Adani has consistently denied.
Adani addressed the bribery allegations at a recent event, reaffirming the company’s commitment to “world-class regulatory compliance.” “Each challenge against the company makes us stronger,” he said. However, the allegations and ongoing investigations are expected to heavily impact the group’s market value and operations in the coming year.
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