Tuesday was a day of ups and downs for two richest businessmen in India, Mukesh Ambani and Gautam Adani.
Billionaires’ List saw major ups and downs on Tuesday, wherein India’s richest man, Mukesh Ambani’s Wealth went down massively in a single day, whereas Gautam Adani remained in gainers list. The world’s other billionaire list also had significant changes on Tuesday, with some of them losing large chunks of their fortunes wherein others made substantial gains.
Mukesh Ambani Lost Crores Of Rs
Tuesday proved to be a difficult day for India’s richest businessman, Mukesh Ambani. Not only did he lose wealth, but his ranking on the global billionaire list also dropped. The setback was majorly because of the lower earnings report of Reliance Industries, which led to a decline in the company’s stock price. As a result, Ambani lost $2 billion in just one day, dropping one spot to 15th place on the Bloomberg Billionaires Index.
Reliance’s Profit Decline
Reliance Industries Limited, India’s most valuable company by market capitalization, saw a 4.77% drop in its net profit for the July-September quarter. This disappointing performance caused the company’s stock to close over 2% lower on Tuesday. Over the past five trading sessions, Reliance’s stock has dropped by 3.34%, directly impacting Ambani’s net worth.
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In terms of market capitalisation, it has posted a 3.62 per cent decline in net profit at Rs 19,101 crore for the second quarter ended September 2024 as compared to Rs 19,820 crore in the same period a year ago. However, the net profit attributable to the owners of the company fell by 4.77 per cent to Rs 16,563 crore during the quarter as against Rs 17,394 crore in the same period last year.
Gautam Adani’s Wealth Rises
In contrast, Tuesday was a better day for Gautam Adani. He added Rs 266 million to his fortune, bringing his total net worth to Rs 99.2 billion. The wealth gap between Ambani and Adani is narrowing, after expanding significantly following the release of the Hindenburg report last year. However, Adani has made an massive comeback and currently ranks 18th on the global billionaire list.
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Bernard Arnault, Musk and Bezos Ranking In List
Meanwhile, Bernard Arnault, who once held the title of the world’s richest person, suffered a major blow over the past 24 hours, losing $3.46 billion. His net worth now stands at $182 billion, pushing him down to 5th place in the billionaire rankings.
At the same time, both Elon Musk and Jeff Bezos saw their fortunes increase. Musk, with a net worth of $241 billion, remains the richest person in the world. Amazon founder Jeff Bezos is firmly in second place with a total wealth of $211 billion.
