Mukesh Ambani Overtakes Gautam Adani to Become Richest Indian

New Delhi: With the sudden fall in the fortunes of Gautam Adani, Reliance Industries Chairman and Managing Director Mukesh Ambani has become the richest Indian in the world. According to the Forbes Real-time Billionaires list, Mukesh Ambani overtook industrialist Gautam Adani.

Following the short seller Hindenburg Research, Adani fell to seventh place from third in the Bloomberg Billionaires Index on Tuesday.

The report by the New York firm that specialises in short selling has led to Adani group losing more than USD 50 billion in market value in just two days. Gautani Adani himself lost more than USD 20 billion, which is about one-fifth of his total fortune.

Hindenburg released the report on January 24. It was the day on which Adani Enterprises’ Rs 20,000-crore follow-on share sale opened for investors. Hindenburg report alleged that the Adani Group was “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.