Mukesh Ambani Loses Rs 168111868400 In Just 24 Hours, Adani Gains; What Led To This Shift?

New Delhi: Tuesday was a day of highs and lows for India’s two richest men, Mukesh Ambani and Gautam Adani. Due to the volatile performance throughout the day, there was a big shift in their fortunes. Mukesh Ambani, the chairman of Reliance Industries, witnessed a sharp decline in wealth, while Gautam Adani saw his net worth increase, making gains in global billionaire rankings.

Mukesh Ambani LossMukesh Ambani, India's wealthiest businessman, suffered a major setback after Reliance Industries reported lower-than-expected earnings for the July-September quarter. Following the earnings report, Reliance shares fell by more than 2 per cent on Tuesday, contributing to a $2 billion (Rs 16,811 crore) drop in Ambani’s net worth. As a result, Ambani slipped one spot to 15th place on the Bloomberg Billionaires Index. Reliance Industries Q2 ResultsReliance's financial performance was below market expectations, with the company reporting a 4.77 per cent drop in profit attributable to its owners, bringing the figure to Rs 16,563 crore. In comparison, the company had posted a profit of Rs 17,394 crore in the same period last year. The company’s stock also fell 3.34 per cent over the past five trading sessions, adding to the impact on Ambani’s wealth. Gautam Adani's Net WorthWhile Ambani's wealth declined, Gautam Adani had a profitable day. Adani’s net worth increased by Rs 266 crore, bringing his total fortune to Rs 99.2 billion (about $11.9 billion). This narrows the wealth gap between the two industrialists, which had widened significantly following the Hindenburg report’s release earlier this year. Adani now ranks 18th on the global billionaire list, showing signs of recovery after the turbulence of the past year.

Global Billionaires ListGlobally, billionaire fortunes also experienced notable changes. Bernard Arnault, the French luxury goods tycoon and former richest man in the world, lost $3.46 billion in a single day. His net worth now stands at $182 billion, placing him in 5th position on the billionaire list.Meanwhile, Elon Musk and Jeff Bezos continued to strengthen their positions at the top. Musk remains the world’s richest person with a fortune of $241 billion, followed by Bezos at $211 billion.