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NEW DELHI: In a dramatic shift in the ranks of the world’s wealthiest individuals,
Mukesh Ambani
has surpassed
Gautam Adani
to reclaim the title of
Asia’s richest person
again. According to the Bloomberg Billionaires Index, Ambani is ranked 11th among the world’s wealthiest individuals.
Adani, whose conglomerate suffered a loss of $25 billion in a single day on account of BJP not getting majority on its own in the 2024
Lok Sabha elections
, has slipped to 15th position.
All 10
Adani Group
stocks plummeted, wiping out almost $45 billion in group market value. This was the biggest single-day rout the $189 billion conglomerate has faced, dwarfing the hit from Hindenburg Research’s allegations of corporate malfeasance over a year ago.
Adani’s wealth wipeout was the fourth-largest one-day decline on record caused by market swings, according to the Bloomberg Billionaires Index. The steep loss, exceeded only by Elon Musk and Mark Zuckerberg, toppled Adani as Asia’s richest person and left his fortune at $97.5 billion.
On Monday, bullish exit polls for Modi boosted the Adani Group’s market value by $20 billion.
Meanwhile, Indian shares plunged across the board on Tuesday, marking their worst session in more than four years, as voting trends indicated Prime Minister Narendra Modi’s alliance would not achieve the predicted landslide victory.
The NSE Nifty 50 fell 5.9%, and the S&P BSE Sensex dropped 5.7%, recording their steepest decline on an election outcome day since 2004.
This decline follows a surge in blue-chip indexes to record highs on Monday, driven by exit polls predicting a significant margin of victory.
The Nifty and the Sensex plunged as much as 8.5% earlier in the day before recovering some losses to close at 21,884.5 points and 72,079.05 points, respectively.
The rout was widespread: 12 of the 13 major indexes ended the day lower, and the more domestically focused small-cap and mid-cap indexes sank 8%.
“Markets were at an all-time high, a lot of hope was built up (on BJP’s majority) and this will unwind over the next few sessions,” said Mayuresh Joshi, Head-Equity Research India, William O’Neil and Company.
“The focus will turn to policy announcements as the reforms will anyway continue with BJP getting an absolute mandate.”
(With inputs from agencies)
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