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| Mukesh Ambani overtook industrialist Gautam Adani to become the richest Indian in the world. |
According to the Forbes Real-Time Billionaires list, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, has surpassed industrialist Gautam Adani and is now the wealthiest Indian in the world.
On Tuesday, the Bloomberg Billionaires Index placed Adani in seventh position, falling from third to seventh as a direct result of the short sale conducted by Hindenburg Research.
As a result of the Hindenburg study, the wealth of billionaire Gautam Adani also decreased. The report said that its two-year research concluded that the Adani Group "engaged in a blatant stock fraud and accounting cheating operation over the course of decades."
Due to the publication of the report by the small New York firm that specializes in short selling, the market value of the Adani Group has dropped by more than $50 billion in just two business sessions.
Additionally, Adani himself has lost more than $20 billion, which is equivalent to approximately one fifth of his cumulative vast wealth.
Currently at 2230. This might be the final nail to the coffin pic.twitter.com/1cQLOkpPER
— killahpriest000 (@killahpriest000) February 1, 2023
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