Mukesh Ambani and Gautam Adani faced a major downturn after a fall in share price over huge fall in stock market. Wealth for both the richest people shrunk and also took them down in the Billionaires list.
India’s two richest individuals, Mukesh Ambani and Gautam Adani, experienced a significant dip in their net worths due to a sharp decline in the Indian stock market on Monday. This drop has impacted their global ranking among the world’s wealthiest, causing them to fall lower on the billionaire list.
On Monday, India’s stock market experienced a significant downturn. The Bombay Stock Exchange’s Sensex fell by 1.18% (941 points) to close at 78,782, while the National Stock Exchange’s Nifty dropped by 1.27% (309 points) to close at 23,995. These market declines directly impacted the fortunes of India’s wealthiest individuals, including Ambani and Adani.
Gautam Adani Net Worth Falls to $92.3 Billion
Gautam Adani, head of the Adani Group, saw his net worth drop by $2.06 billion (₹17,332 crore) on Monday, bringing his total down to $92.3 billion. This substantial loss places him 18th on the Bloomberg Billionaires List. Despite this recent setback, Adani’s wealth has grown by $8.05 billion this year.
Mukesh Ambani Net Worth Drops to $98.8 Billion
Reliance Industries chairman Mukesh Ambani’s wealth also took a hit, declining by $2.72 billion (₹23,390 crore), bringing his net worth to $98.8 billion. This loss has caused Ambani to slip to 17th position on the Bloomberg Billionaires List. Overall, Ambani’s wealth has increased by $2.42 billion since the beginning of the year.
Global Billionaires Affected by Stock Market Decline
The market decline was not limited to India. The top five global billionaires also saw a decrease in their net worth on Monday:
- Elon Musk: Lost $4.39 billion, though he remains the world’s richest individual.
- Jeff Bezos: Lost $1.94 billion, holding the second position.
- Mark Zuckerberg: Experienced a $2.23 billion loss, maintaining third place.
- Larry Ellison: Saw his wealth decrease by $538 million.
- Bernard Arnault: Lost $353 million, rounding out the top five.
The recent fluctuations in the global and Indian markets have had a widespread impact on the net worth of the world’s wealthiest individuals, including Mukesh Ambani and Gautam Adani. While both have made gains this year, this week’s downturn shows the volatility that even the wealthiest face in today’s financial markets.