After the market crash on Tuesday, Gautam Adani’s net worth plunged by almost $25 billion.
India’s richest businessmen Gautam Adani and Mukesh Ambani, saw a massive decline in their net worth after the market crash on Tuesday.
The stock market saw a bloodbath on the day of the Lok Sabha election results after the BJP failed to secure a majority, contrary to what the exit polls had predicted earlier.
However, the stock market saw a recovery in early trade on Wednesday with Sensex gaining over 1,000 points and Nifty adding over 500 points.
Chairman of the Adani Group, Gautam Adani, saw his net worth plunge by $24.9 billion in a day. His net worth stands at $97.5 billion as of Wednesday, as per the Bloomberg Billionaires Index.
Gautam Adani now ranks 15th on the list of the world’s richest. He holds the position of India’s second-richest person after Mukesh Ambani.
Adani Group stocks faced a setback on June 4 as its stocks crashed by up to 18%. This sharp decline came after a period of gains in the past few trading sessions.
The sudden plunge was linked to investors unwinding their speculative positions, possibly to lock in profits or lower their exposure to the market.
This correction led to a substantial decrease in Adani Group’s market capitalisation, wiping out over Rs 10 lakh crore.
Chairman of Reliance Group, Mukesh Ambani, also saw a decline in his net worth, with an $8.99 billion fall. His net worth stands at $106 billion and is ranked 11th on the list of the world’s richest.
Bernard Arnault leads the world’s richest list with a net worth of $207 billion. Amazon founder Jeff Bezos is second on the list with a net worth of $202 billion.
Tesla founder Elon Musk is ranked third on the list with a net worth of $201 billion. Facebook founder Mark Zuckerberg is fourth and Google co-founder Larry Page is fifth with a net worth of $170 billion and $155 billion respectively.
Source: India Today
