Gautam Adani snatches Asia’s richest billionaire crown from Mukesh Ambani

Asia’s richest billionaire: Adani Group Chairman Gautam Adani has become the richest billionaire in Asia. He has left behind Mukesh Ambani in terms of net worth. Gautam Adani has achieved this feat for the first time.

On Wednesday, the total market capitalization of Adani Group firms stood at Rs 10 lakh crore. At the same time, the market cap of Reliance Industries came down to Rs 14.91 lakh crore. Reliance is ahead in terms of market cap, but Gautam Adani’s stake in own companies is higher than Ambani’s stake in Reliance Group companies. Because of this, he is now richer than Ambani.

Also read: Gautam Adani beats Jeff Bezos and Mark Zuckerberg in wealth surge, becomes world’s 3rd biggest wealth gainer

Market capitalization is calculated by multiplying the number of shares by the current price of the share. Whereas the net worth is the net worth after deducting the liabilities from the assets of the individual or corporation.

Mukesh Ambani loses Asia’s richest billionaire crown

Reliance’s shares have been seeing a steady decline since the break of the $ 15 billion deal with Saudi Aramco. This decline continued on Wednesday as well. On Wednesday, Reliance’s stock closed at Rs 2,350.90, down 1.48% on the BSE. Due to this, assets worth Rs 22,000 crore of investors were wiped out. Mukesh Ambani suffered a loss of Rs 11,000 crore from this.

Reliance still the most valuable firm
After the fall in the shares of Reliance, its market capitalization came down to Rs 14.91 lakh crore. However, it is still the most valuable firm in India. The share of Reliance Industries Infrastructure, another listed company owned by Mukesh Ambani, has fallen 1.57% to Rs 613.85. After this fall, its market cap rose to Rs 926.91 crore.

Adani’s net market cap increased by Rs 4,250 crore
Adani Group firms on Wednesday saw an increase of Rs 12,000 crore in gross market cap and Rs 4,250 crore in net market cap. With this Gautam Adani became the richest person in Asia (Asia’s richest billionaire). On Wednesday, the stock of Adani Enterprises closed at Rs 1754.65 with a rise of 2.76% in the market. This took the company’s market cap to Rs 1,92,978.18 crore.

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