NEW DELHI: After temporarily becoming Asia’s richest billionaire last week, personal wealth of Gautam Adani, chairman of Adani Group, saw a sharp decline on Monday owing to a significant fall in group company stocks on the bourses.
This decline has now widened the gap between his and Reliance Industries chairman Mukesh Ambani’s personal wealth. According to Bloomberg Billionaire Index, Asia’s richest Mukesh Ambani’s wealth stood at $89 billion on Monday as against Gautam Adani’s $86.6 bn, a gap of $2.4 bn.
According to Forbes Real Time Billionaire Index, the gap between the two billionaires was nearly $3 billion with Ambani’s wealth estimated at $88.8 billion and Adani’s wealth pegged at $85.9 billion. Forbes’ index noted that Adani wealth plummeted by $3.9 billion on Monday while Ambani’s wealth saw a decline of $1.4 billion.
Amid a global sell-off, Adani stocks plummeted by up to 9% on Monday. Share prices of Group’s flagship Adani Enterprises fell 5.65% while that of Adani Power closed 9% lower on Monday. Similarly, Adani Ports and Special Economic Zone, Adani Green, Adani Total Gas and Adani Transmission fell between 2-5%. On the other hand, share prices of RIL closed only 1.59% lower on Monday even as benchmark Nifty and Sensex lost 3% points.
After being a close second for months, Adani on February 8 became the richest person in India and Asia, surpassing the fortune of Ambani.