Mukesh Ambani Loses Rs 168,111,868,400 In Just24 Hours, Adani Gains; What Caused This Change?
The stock market experienced fluctuations on October 16, with many stocks reaching new highs while others suffered losses. These variations in share prices directly influence the market valuation of companies. Read on to see these shifts in stock prices have affected the billionaire rankings and net worth of Indian tycoons Mukesh Ambani and Gautam Adani.
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Mukesh Ambani Loses Rs 168,111,868,400 In Just 24 Hours, Adani Gains; What Led To This Change? (Image Source: Reliance Industries And Adani Group)
Tuesday was marked by significant ups and downs for India’s wealthiest individuals, Mukesh Ambani and Gautam Adani. The day's fluctuations resulted in a notable alteration in their financial standings. Mukesh Ambani, the head of Reliance Industries, experienced a considerable decrease in his wealth, while Gautam Adani saw an increase in his net worth, boosting his position on the global billionaire rankings.
Mukesh Ambani's Loss
India's richest individual, Mukesh Ambani, faced a major challenge after Reliance Industries announced earnings that fell short of expectations for the July-September quarter. Following this announcement, Reliance shares dropped more than 2 percent on Tuesday, leading to a decrease in Ambani's net worth by $2 billion (approximately Rs 16,811 crore). This resulted in Ambani falling one position to 15th place on the Bloomberg Billionaires Index.
Reliance Industries Q2 Results
The company reported a 4.77 percent decline in profit attributable to its owners, totaling Rs 16,563 crore, which was below market expectations. In the same quarter last year, Reliance had posted a profit of Rs 17,394 crore. Additionally, the company’s stock had fallen 3.34 percent over the previous five trading sessions, further impacting Ambani’s wealth.
Gautam Adani's Net Worth
In contrast to Ambani's decline, Gautam Adani had a successful day. Adani’s net worth rose by Rs 266 crore, bringing his total fortune to Rs 99.2 billion (around $11.9 billion). This narrows the wealth disparity between the two magnates, which had widened significantly following the Hindenburg report earlier this year. Adani now occupies the 18th spot on the global billionaire list, indicating signs of recovery after the challenges faced over the past year.
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