Reliance Industries chairman Mukesh Ambani overtook Adani Group’s Gautam Adani to become the richest Indian in the rankings of the 360 ONE Wealth Hurun India Rich List 2023, which was released on Tuesday.
Ambani's net worth increased slightly by 2% to £80.8 billion. However, following a claim by a US-based short seller against the group, Gautam Adani's fortune dropped by 57% to £47.4 billion, causing a significant stock fall in his group enterprises this year.
In a study on the Adani Group that was released in January, short seller Hindenburg Research claimed that the conglomerate had engaged in "brazen stock market manipulation" and committed accounting irregularities over a long period of time.
The promoter family's fortune declined as a result of the report's significant fall in the group stocks. The short seller's accusations have all been refuted by The Adani Group. The Hurun 2023 list features a total of 1,319 people from 138 cities and utilises August 30 as the basis date to gauge fortunes.
Cyrus Poonwalla, MD and Chairman of Serum Institute of India (SII), maintained his ranking as the third-richest Indian despite a 36% increase in wealth to £27.8 billion. Shiv Nadar, the founder and chairman of HCL Technologies, continued to rank as the fourth richest Indian despite seeing a 23% growth in his wealth to £22.8 l billion.
A majority of individuals in the top-10 rankings climbed up their spots, including Gopichand Hinduja who is ranked fifth now, Dilip Shanghvi (sixth), L N Mittal (seventh), Kumar Mangalam Birla (ninth) and Niraj Bajaj (tenth).