Ambani loses over 23,000 Cr, Adani down by more than 17,000 Cr as Share Market crash

The recent plunge in the Indian stock market has led to a notable decline in the wealth of some of India’s richest personalities, including Mukesh Ambani and Gautam Adani. The Bombay Stock Exchange’s Sensex index dropped by 1.18%, ending the day 941 points lower at 78,782, while the National Stock Exchange's Nifty closed at 23,995, a 1.27% decline or 309 points. This fall has affected Ambani and Adani’s net worths significantly, impacting their rankings on the global Bloomberg Billionaires Index.

Mukesh Ambani, chairman of Reliance Industries, saw a $2.72 billion (about ₹23,390 crore) decrease in his net worth, bringing his total to $98.8 billion. This change dropped Ambani to the 17th spot on the Bloomberg Billionaires Index, though his net worth has still grown by $2.42 billion so far in 2023. Ambani’s Reliance Industries, a massive conglomerate spanning energy, telecommunications, and retail, saw its shares drop due to the broad market trends affecting nearly all sectors.

Similarly, Gautam Adani, chairman of the Adani Group, experienced a single-day loss of $2.06 billion (around ₹17,332 crore), reducing his wealth to $92.3 billion and placing him at 18th on the Bloomberg Billionaires list. Adani’s diversified portfolio, which includes infrastructure, energy, and logistics, was also hit by the market drop. Despite this single-day fall, Adani’s net worth has increased by a total of $8.05 billion since the beginning of the year, reflecting his investments’ growth over 2023.

The effects of this market drop extended beyond India. Globally, the net worth of top billionaires saw substantial declines. Tesla and SpaceX CEO Elon Musk, the world’s richest individual, lost $4.39 billion, while Amazon founder Jeff Bezos’s net worth declined by $1.94 billion. Meta CEO Mark Zuckerberg, Oracle founder Larry Ellison, and LVMH CEO Bernard Arnault also saw declines, losing $2.23 billion, $538 million, and $353 million, respectively.

The Indian market slump is part of a broader trend of economic volatility impacting investor confidence worldwide. Rising interest rates, geopolitical uncertainties, and slower growth forecasts have contributed to market volatility, which has resulted in reduced valuations for many large companies. This ripple effect has brought down the net worth of several billionaires, especially those heavily invested in sectors sensitive to global economic shifts.