Indian billionaires Gautam Adani and Mukesh Ambani have dropped out of the “elite centimillionaires club” of the Bloomberg Billionaires Index. According to the index, Reliance Industries chairman’s net worth nosedived from $120.8 billion in July this year to $96.7 billion as of December 16. Similarly, Gautam Adani’s net worth dipped from $122.3 billion in June 2024 to $82.1 billion in December.
The report mentioned the decrease in the wealth of Ambani can be attributed to underperformance of energy and retail businesses of the conglomerate.
While the report pointed out that the dip in Adani’s net worth is largely due to the US indictment and allegations by the US department of justice of fraud against the chairman. Following the indictment, the Adani Group came under international and national scrutiny with most of its business deals either cancelled or under consideration. Kenya pulled back its agreement to allow the port-to-power conglomerate to build the airport. While the deal with Sri Lanka and Bangladesh are under review by the respective country’s government.
Consequently, the stocks of Adani Green Energy, the company of the Adani Group named in the US indictment, have fallen by 19.94 per cent in the last one month to Rs 1,166.50.
“Those gains have now evaporated after the US allegations that he oversaw bribes to Indian government officials, and he’s now worth $82.1 billion,” Bloomberg mentioned.
The company denied the US securities and exchange commission (SEC) allegations and said the Group is committed to “world-class regulatory compliance”. Recently, in a first public appearance after the US indictment and uproar by the leader of opposition Rahul Gandhi, to arrest Adani Group chairman, Gautam Adani said every obstacle becomes a stepping stone.
“This is not the first time we have faced such challenges... every attack makes us stronger and every obstacle becomes a stepping,” said Adani.
