Adani overtakes Ambani as richest Asian-Indian billionaire

New Delhi: Chairman and managing director of India’s biggest private sector company Reliance Industries Mukesh Ambani is no longer the richest Asian and Indian as Gautam Adani, chairman, Adani Group, has occupied the top spot led by gains in the shares of his group companies. RIL chairman has been holding the richest Indian position since June 2015.

According to ET Now, Gautam Adani has surpassed Mukesh Ambani to become Asia’s richest based on group market capitalisation. As of Tuesday (November 23), as per Bloomberg Billionaires Index, Ambani’s total wealth stood at $91 billion while Adani’s net worth was at $88.8 billion, just 2.4% lower than the RIL top boss. However, on Wednesday, RIL shares corrected 1.72% while shares of most of Adani Group companies gained, pushing him to the top spot.

Shares of Adani Enterprises gained 2.34%, Adani Ports and Special Economic Zone rallied 4%. Market cap of both these companies are nearly Rs 3.5 lakh crore after today’s gains. However, shares of Adani Transmission, which has a market cap of Rs 2.13 lakh crore, fell 0.74% and Adani Power (market cap nearly Rs 41,000 crore) fell 0.33%.

Two of Adani group stocks Adani Green and Adani Total Gas were down up to 1%.

It may be noted that till Tuesday, Adani’s Total wealth was up $55 billion this year so far, while Mukesh Ambani’s net worth was up $14.3 billion.