Mukesh Ambani, Chairman of Reliance Industries, has once more reclaimed the title of richest person in India and Asia with a net worth of $81 billion, according Bloomberg Billionaires Index. Ambani's return to the top comes as Gautam Adani's net worth has been significantly reduced as a result of a study published by US-based short seller Hindenburg Research accusing Adani of fraud and stock manipulation. Adani is currently rated 13th on the index, one spot behind Mukesh Ambani, who is the 12th richest person in the world, with a net worth of $72.1 billion.
Adani was the third richest person in the world at the time, with a net worth of $124 billion, on January 17, a day before Hindenburg released its assessment. His net worth has decreased by around $52 billion since that time. The Indian billionaire has changed positions on Bloomberg's rich list, going from being the highest wealth gainer in 2022 to the biggest loser this year. Historically, Adani has lost $48.5 billion, according to figures from Bloomberg. Since Hindenburg published its analysis, Adani companies' market value has fallen by $90 billion, wiping billions off of Adani's wealth.
Adani was accused of stock manipulation and accounting malfeasance in the Hindenburg investigation. It also alleged unethical business transactions by Adani's brother, Vinod Adani, who is allegedly in charge of a "labyrinth" of shell firms, according to the short-research. The Adani Group has angrily denied the accusations and declared them to be false.