{"id":196047,"date":"2024-12-16T08:20:10","date_gmt":"2024-12-16T08:20:10","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/16\/indias-richest-men-mukesh-ambani-gautam-adani-drop-out-of-elite-100-billion-net-worth-club-report-times-of-india\/"},"modified":"2024-12-16T08:20:11","modified_gmt":"2024-12-16T08:20:11","slug":"indias-richest-men-mukesh-ambani-gautam-adani-drop-out-of-elite-100-billion-net-worth-club-report-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/12\/16\/indias-richest-men-mukesh-ambani-gautam-adani-drop-out-of-elite-100-billion-net-worth-club-report-times-of-india\/","title":{"rendered":"India\u2019s richest men, Mukesh Ambani & Gautam Adani, drop out of elite $100 billion net worth club: Report – Times of India"},"content":{"rendered":"
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Currently, both Mukesh Ambani and his contemporary Gautam Adani, are confronting various challenges.<\/span><\/div>\n<\/section>\n<\/div><\/div>\n

India\u2019s richest men, Mukesh Ambani<\/a> and Gautam Adani<\/a>, have seen their net worth drop below the $100 billion mark in the last few months. Currently, both Mukesh Ambani, who leads Reliance Industries<\/a> Ltd, and his contemporary Gautam Adani, who established the Adani Group<\/a>, are confronting various challenges affecting their commercial interests and personal wealth, according to a Bloomberg report.
Ambani’s ventures in energy and retail sectors have shown diminished performance, with investors expressing worries about debt levels. Meanwhile, Adani’s business empire faces scrutiny following a US Department of Justice investigation, potentially affecting its access to funding and ability to secure contracts.
Adani encountered fresh challenges in November when US prosecutors investigated alleged bribery, bringing unwanted attention. This followed his ongoing efforts to rebuild investor trust after Hindenburg Research<\/a> published allegations of fraudulent practices at his company the previous year.
Adani has rejected both accusations and remains determined to fight them. During a post-US allegations event, he emphasised the organisation’s dedication to “world-class regulatory compliance” and stated that each challenge against the company “only makes us stronger.”
Also Read | Top 10 biggest wealth creating stocks: Reliance Industries tops list; Adani Green emerges as fastest wealth creator, says MOFSL report<\/a>
The allegations are expected to impact the group and its market value into the coming year.
Gautam Adani’s wealth reached its highest point at $122.3 billion in June, following efforts to strengthen finances after Hindenburg’s accusations. These gains have since disappeared following US claims of his involvement in bribing Indian government officials, reducing his current worth to $82.1 billion, as per the Bloomberg Billionaires Index.
The decline in wealth isn’t unique to him. Ambani, currently Asia’s wealthiest individual, has also experienced a significant reduction in his fortune, albeit less publicly. His wealth peaked at approximately $120.8 billion in July, coinciding with his Anant Ambani\u2019s lavish wedding celebrations.
His flagship Reliance enterprise has faced challenges with declining energy sector earnings and reduced consumer spending in retail operations. As of December 13, his wealth stood at $96.7 billion.
Also Read | \u2018US Department of Justice has no business\u2026\u2019: Mark Mobius says US DOJ overstepped bounds on Adani case<\/a>
Both business leaders have now fallen from the centibillionaires category – individuals possessing wealth exceeding $100 billion, according to the Bloomberg Billionaires Index.
Ambani’s strategy involves increasing focus on digital platforms, retail brands, and renewable energy to boost growth. However, retail operations show slower sales and profit growth, whilst digital competitors have gained market share in groceries and household items, particularly in India’s major urban centres.
The arrival of Elon Musk’s Starlink in India’s satellite broadband sector also poses a potential challenge to Jio Platforms Ltd’s digital and telecom operations. Additionally, declining demand and Chinese exports are affecting the oil-to-chemicals division.
“Reliance remains a strong wealth creator and each business has great value. But the pressure on the oil business has caused the stock to under perform,” Kranthi Bathini, equity market strategist at Mumbai-based WealthMills Securities Pvt was quoted as saying by Bloomberg
Reliance’s technological aspirations are evident in its collaboration with Walt Disney Co., forming an $8.5 billion media enterprise set to lead India’s streaming sector. The company has also strengthened its alliance with Nvidia Corp., aiming to develop AI computing infrastructure in India.
Both organisations face additional challenges in the upcoming year, particularly regarding Donald Trump’s election implications and uncertainties surrounding Indian commercial prospects.
“In the short term there are challenges, especially with Trump imposing tariffs that’s going to make India’s exports not that competitive,” said V.K. Unni, a professor at the Indian Institute of Management Calcutta.
Nevertheless, India’s wealthiest individuals continue to prosper, with the top twenty adding $67.3 billion since the year’s beginning, according to Bloomberg’s wealth index. Technology leader Shiv Nadar and Savitri Jindal, whose family manages Jindal Group, have accumulated $10.8 billion and $10.1 billion respectively.<\/div>\n