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Reliance Industries Chairman Mukesh Ambani has overtaken Gautam Adani as the richest Indian in the world, according to the Forbes Real-time Billionaires list.

Gautam Adani, with an estimated net worth of $84.4 billion, earlier became the 11th richest person in the world, according to the Bloomberg Billionaires Index. That represents a sharp decline from the estimated $121 billion fortune the chairman of the Adani Group had at the start of the year, which put Adani in third place, behind LVMH CEO Bernard Arnault and Tesla CEO Elon Musk.

Mukesh Ambani has surpassed Gautam Adani as the richest Indian.
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Mukesh Ambani has surpassed Gautam Adani as the richest Indian.

With a net worth of $82.2 billion, Ambani came in close behind Adani in position 12. Adani was speculated to be in danger of losing the title of Asia's richest man to Ambani if his wealth kept declining.

Also Read: Adani vs Hindenburg: What we know so far

On February 1, despite the conglomerate having completed a carefully-monitored share sale the day prior, the majority of Adani Group equities fell, causing losses to reach $72 billion.

In a research released last week, Hindenburg Research said that offshore tax havens were being used improperly and raised red flags regarding increasing debt. According to what it called "sky-high valuation", shares in seven Adani listed companies have an additional 85% downside.

Also Read: Adani Enterprises FPO fully subscribed amid row with Hindenburg

The charges have been vehemently refuted and called unfounded by Adani Group, which also noted that it has always made the required regulatory filings.

The Australian Securities & Investments Commission (ASIC) is currently reviewing the research from Hindenburg Research to determine whether any regulatory action is required, according to The Sydney Morning Herald. Last week, the Indian conglomerate's stock value dropped by $65 billion as a result of concerns expressed by a short-seller located in the US over the company's unsustainable debt levels.

(With agency inputs)

ABOUT THE AUTHOR
Sounak Mukhopadhyay
Sounak Mukhopadhyay, who also goes by the name Sounak Mukherjee, has been producing digital news since 2012. He's worked for the International Business Times, The Inquisitr, and Moneycontrol in the past. He's also contributed to Free Press Journal and TheRichest with feature articles. He covers news for a wide range of subjects including business, finance, economy, politics and social media. Before working with digital news publications, he worked as a freelance content writer.
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