Mukesh Ambani Overtakes Gautam Adani As Richest Indian In world

Adani Group stocks have been under stress since Hindenburg in its research report last week questioned the accounting and corporate governance practices of the conglomerate.

Reliance Industries chairman Mukesh Ambani

Source : Getty

Reliance Industries chairman and Managing Director Mukesh Ambani has been named the richest Indian in the world, according  to the Forbes Real Time Billionaires' list, reported news agency ANI. The position was earlier held by Adani Group chairman Gautam Adani.

With a net worth of $84.3 billion, Mukesh Ambani ranks 9th in the world's richest persons list, while Gautam Adani has slipped to the 10th place with a net worth of $84.1 billion. 

Adani Group stocks have been under stress since Hindenburg in its research report titled 'Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History', questioned the accounting and corporate governance practices of Adani Group, and also raised the issue of heavy debt last week.

The allegations were strongly refuted by the Adani Group that said Hindenburg’s report is timed with a "mala fide intention" to damage Adani Enterprises FPO.

"We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts," Adani Group said in a media statement.

In August last year, Adani was named the world’s third richest person, according to the Bloomberg Billionaires Index. It was for the first time that an Asian had broken into the top three of the Bloomberg's list of richest people.

The Adani Group is the third largest conglomerate (after Reliance Industries and the Tata Group) in the country. Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, and Adani Transmission are among the listed companies of the group.