India

Adani overtakes Ambani

New Delhi. India and Asia’s richest businessman Mukesh Ambani has lagged behind. Gautam Adani, who was miles away from him till a year ago, has overtaken him to become the richest businessman in Asia. This is the first time that Gautam Adani has overtaken Mukesh Ambani in terms of market capitalization and has become the richest businessman in India and Asia.

Although it is not known for certain how much Adani’s wealth has become, Bloomberg has been quoted as saying that Gautam Adani is now ahead of Mukesh Ambani in Asia. Till now Adani was at number two in Asia. Last week, Mukesh Ambani’s wealth was $ 91 billion while Adani’s wealth was $ 88 billion. In the stock market, the shares of Reliance Industries have fallen by 12 and a half percent in the last one week. Because of this, the wealth of Mukesh Ambani has decreased. Adani’s shares, on the other hand, continue to rise.

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Gautam Adani’s wealth has increased by $ 55 billion since January this year. While Mukesh Ambani’s wealth has increased by $ 14.3 billion in the same period. Adani’s wealth was only $ 4.91 billion on 18 March 2020, but after that his wealth has increased by 1808 percent in 18 months and it has become $ 83.89 billion. During this period, the wealth of Mukesh Ambani increased by two and a half times to $ 91 billion.

It is believed that the postponement of Reliance’s deal with Saudi Aramco affected Reliance and its shares saw a tremendous fall. Reliance’s stock has lost more than 12 percent in the last one week. On Wednesday, Reliance’s stock fell nearly 1.5 per cent to Rs 2,350. Its market capitalization stood at Rs 14.91 lakh crore.

Shivam Bangwal

Shivam Bangwal is an India-based Entrepreneur. He is the Founder of Successful Startups like Youthistaan, People News Chronicle & Branding Panther. Shivam has done his Master's in Computer Applications.

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