India’s richest men, Ambani and Adani, are losing billions
India’s wealthiest men, Ambani and Adani, are losing billions. Their empires are crumbling under the weight of scandals and market downturns. Are they on the brink of financial ruin?
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India’s richest men, Ambani and Adani, are losing billions
Ambani and Adani exit $100 billion club
Mukesh Ambani, Chairman of Reliance Industries, and Gautam Adani, founder of the Adani Group, have exited the exclusive $100 billion club, according to the Bloomberg Billionaires Index. Both billionaires have faced significant challenges impacting their businesses and personal fortunes.
Ambani’s wealth, which peaked at $120.8 billion in July—coinciding with the $600 million Anant Ambani-Radhika Merchant wedding—has declined due to underperformance in his energy and retail ventures. Investor concerns regarding debt and slowing sales and profit growth in Reliance’s retail business have further weighed on the conglomerate. Ambani is now strategically prioritizing digital platforms, retail brands, and renewable energy for future growth.
Meanwhile, Gautam Adani has been grappling with regulatory headwinds, including a recent US Department of Justice investigation alleging bribery in securing Indian power supply contracts and misleading US investors. This comes after the Adani Group’s earlier financial misdeed allegations by Hindenburg Research, which had already strained investor confidence. Despite denying all allegations and stabilizing finances post-Hindenburg, the US probe has renewed pressures on the group. Adani’s fortune, which peaked at $122.3 billion in June, has since taken a significant hit.
In terms of market performance, Reliance shares have dipped 3.43% in 2024, lagging behind the BSE Sensex’s 11.93% rise. Adani Group stocks have also faced considerable selling pressure amid these challenges.
Indian tycoons lose billions amid scandals and market woes
Mukesh Ambani and Gautam Adani, two of India’s wealthiest individuals, have fallen out of Bloomberg’s $100 billion club due to business challenges, legal issues, and market setbacks. While many of India’s richest have seen their fortunes grow, Ambani and Adani have faced significant obstacles that have affected their wealth.
Ambani’s wealth peaked at $120.8 billion in July, coinciding with a high-profile family wedding, but has since dropped to $96.7 billion by mid-December. Reliance Industries, his conglomerate, has struggled with weaker earnings in energy and slower retail demand, while concerns about rising debt have also weighed on investor confidence.
Adani, whose wealth peaked at $122.3 billion in June, has seen a sharp decline to $82.1 billion. This drop follows a US Department of Justice investigation into alleged bribery tied to his company, as well as the fallout from a Hindenburg Research report last year accusing his group of financial misconduct. Adani has denied the allegations, asserting that his company remains committed to strong regulatory compliance. Despite these challenges, both Ambani and Adani remain determined to overcome the obstacles facing their business empires.
Mukesh Ambani and Gautam Adani, two of India’s wealthiest individuals, have both dropped out of Bloomberg’s $100 billion club in 2024 due to various business challenges. While India’s top billionaires saw their combined wealth rise, Ambani and Adani have faced significant setbacks.
Ambani’s wealth, which peaked at $120.8 billion in July, has declined to $96.7 billion by December 13. His conglomerate, Reliance Industries, has struggled with underperformance in its energy and retail sectors, compounded by concerns over rising debt.
Adani’s fortune has taken an even larger hit, dropping from $122.3 billion in June to $82.1 billion, according to Bloomberg. His Adani Group has been impacted by a US Department of Justice investigation into alleged bribery, alongside the fallout from Hindenburg Research’s accusations of financial misconduct. Despite these challenges, Adani remains determined to defend his company and its regulatory compliance.
Both Ambani and Adani are now outside of Bloomberg’s “centibillionaire” club, reserved for those with wealth exceeding $100 billion. The report also mentioned external pressures such as potential competition in India’s telecom sector, particularly from Elon Musk’s Starlink satellite broadband service.
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