Gautam Adani, the chairman of Adani Group, has surpassed Mukesh Ambani, the head of Reliance Industries, to claim the title of Asia’s wealthiest individual on the Bloomberg Billionaires Index. With a net worth of $97.6 billion, Adani now ranks as the 12th richest person globally, climbing from the 15th position in December 2023.
Adani's wealth soared by $7.7 billion, catapulting his net worth to $97.6 billion, edging past Ambani, whose net worth stands at $97 billion according to the index. Initially, Adani's remarkable ascent made him the world’s third-richest individual, buoyed by the remarkable performance of Adani Group companies in the stock market.
However, a subsequent downturn followed the release of the Hindenburg Research report, which alleged “brazen stock manipulation and accounting fraud” by the Adani Group. This led to a decline in the share prices of the Group's companies.
The latest Bloomberg Billionaires Index update comes after the Supreme Court rejected demands for a court-monitored probe by the Central Bureau of Investigation or a Special Investigation Team into the allegations made by Hindenburg Research against the Adani Group. The Court directed the Centre to investigate the market volatility caused by the short positions taken by Hindenburg Research and other associated entities, and to examine whether any legal violations occurred due to short-selling activities.