Gautam Adani Overtakes Mukesh Ambani to become the wealthiest man in India. The billionaire is now the 12th richest man in the world, with a net worth of over USD 97.6 billion.
The Indian business industry witnessed a significant shift in thrones when Gautam Adani dethroned Mukhesh Ambani and became the wealthiest man in India. The chairman of the Adani group, Gautam Adani, is declared the reigning king of wealth by the Boomerang Billionaires Index. 2024 definitely started well for the businessman who was close behind Ambani in the race and now has overtaken the former richest man of India.
The Adani industries suffered a major hiccup in 2023 when the family-run conglomerate was accused of market manipulation, which subsequently hammered its market stock prices. The company suffered a hiccup of USD 150 million from its total market value after they were charged with fraud by US investment research firm, Hindenburg Research.
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Now, a year later, the company has not only battled all the accusations with grace but has also emerged as a winner. As per the Boomerang Billionaire Index, the Adani group is the highest profit-making company in India. Which has escalated Gautam Adani's networth to USD 97.6 billion.
According to reports from the Boomerang Billionaire Index, Gautam Adani is the twelfth richest man in the world, whereas Mukesh Ambani is at the sixteenth position. Ambani's net worth is at USD 97 billion, only about USD 7.7 million behind from Adani.
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The hike in Adani's stocks has again taken him ahead of Ambani. The most recent convention is driven by the High Court resting confidence in SEBI's test in the Adani-Hindenburg adventure, saying that no new examination is required into the short merchant's charge. This clean chit from the authoritie has restored the Adani's reputation.
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