Reliance Industries Limited (RIL) chairman Mukesh Ambani gets back the 'India's richest man' title, dethroning Gautam Adani, founder and chairman of the Adani Group.
Adani who overtook Ambani a year ago has now lost the title after the impact of the Hindenburg Research report on the Adani Group.
After losing over USD 50 billion in less than 50 days, he is 400 million poorer than Mukesh Ambani.
Ever since the release of the report against Adani Group, Gautam Adani is losing billions of dollars daily due to drop in his companys' shares.
Currently, the net worth of Adani is USD 84 billion whereas Ambani’s net worth is USD 84.4 billion, according to Forbes.
The Hindenburg Research effect
The Hindenburg Research firm recently published a study that expressed concern about the prospect that shares of Adani Group firms could decline from their current levels due to high valuations.
The stocks of the group's companies began declining shortly after the report's release.
Despite the group's 400-page response to the firm's charges and narrative, several of the group's enterprises are still seeing a rapid sell-off.
Ambani overtakes Adani
Mukesh Ambani moved up to ninth place on the list of the world's billionaires when Gautam Adani's net worth dropped by USD 50.2 billion in less than 50 days. The Hindenburg effect caused Adani's net worth to decline from USD 134.2 billion on December 13, 2022, to USD 84 billion on February 1, 2023.
Over the past five days, the price of Adani Total Gas shares has dropped by more than 50%. Even NDTV's stock dropped more than 15% in a single week.
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