Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Reliance Industries Chairman Mukesh Ambani has overtaken Adani Group chairman Gautam Adani to become the richest Indian in the world with a net worth of $84.3 billion, according to Forbes Real-time billionaire list for 2023.
Ambani overtook Adani after the Reliance Industries Chairman's assets went up 0.19 per cent with an increase of wealth by $164 million, while Gautam Adani's assets went down by 4.62 per cent with the industrialist's weath pegged at $84.1 billion according to the real time tracker of Forbes of 5 pm EST on Tuesday.
Adani, who figured among the top three billionaires in the world, has dropped in the ranking to number 10 just below Mukesh Ambani. At the top of the list is French luxury fashion giant's LMVH's Bernard Arnault and family. In December 2022, Louis Vuitton's founder and CEO Bernard Arnault overtook Elon Musk as the world's richest person.
However, these values fluctuate constantly. If there is a gain in Adani's stock, it is expected Adani's personal wealth will rise too.
This comes following a report by US short-seller Hindenburg Research on the Adani Group alleging a decades-long fraud scheme, "brazen accounting fraud, stock manipulation and money laundering"
The Hindenburg Research report raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations. It also said the Group's exposure to debt was a concern.
The Adani Group, however, said it was mulling legal options in the US and India against Hindenburg Research after its report accused firms owned by Gautam Adani of market manipulation and accounting fraud.
In a sharp and focused response to Hindenburg Research's report on its businesses, the Adani Group has responded to all 88 questions raised by Hindenburg including the young age of its auditors.
Hindenburg has hit back stating that the Adani Group's accusations are "baseless."
Shares of Adani Group firms fell in morning trade today. However, the key market indices opened with gains as investors' sentiments were boosted over Union Budget expectations.
Shares of Adani Enterprises, the flagship firm of the group, fell 3.02 per cent to Rs 2,880.20 apiece on the BSE. In a span of five days, the shares were down 15 per cent. Adani Green declined 3.82 per cent to Rs1,177.15 apiece and the shares had fallen about 38 per cent in a span of five days.
ALSO READ:
Total income reached to Dh5.607 billion compared to Dh4.431 billion, a solid expansion of 26.5 per cent YoY
Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah, presented the awards to the winners in various categories
Move aims to deepen multi-sectoral cooperation
Brands in the UAE and the region have been advised to create the right awareness schemes that they’re deemed neutral
This continuous rise in investment is attributed to an emerging trend of financialisation of savings
The UAE registered trademarks totalling 4,610 in Q1
One of the driving forces behind the growth is the adventurous spirit of millennials and Gen Z
Figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies