GUWAHATI: India’s two wealthiest individuals, Mukesh Ambani and Gautam Adani, have seen their net worth fall below the $100 billion mark.
ALSO READ: India’s Imports Hit Record High In November; Trade Deficit Widens
Ambani, chairman of Reliance Industries Ltd, has experienced setbacks in the energy and retail sectors. A decline in energy earnings and underwhelming retail performance have raised concerns among investors about the company’s growing debt levels. These challenges have put pressure on Reliance’s market performance, contributing to the dip in Ambani’s wealth.
Adani, meanwhile, who heads the Adani Group, is battling allegations of financial misconduct. His businesses have come under renewed scrutiny after a US Department of Justice investigation into alleged bribery emerged in November. This investigation adds to the challenges Adani faces following fraud accusations by Hindenburg Research last year, which significantly impacted investor confidence in his group.
In response, Adani denied all allegations, asserting his organisation’s commitment to regulatory compliance. Speaking at a recent event, he described the accusations as opportunities to demonstrate resilience, stating, “Each challenge against the company only makes us stronger.”
The ongoing troubles have affected the ability of both conglomerates to secure funding and maintain growth for the time being.
