Ambani, Adani Drop From $100B Club: What’s Up?

India is one of the fastest growing economies in the world, and in accordance with this ascendance, the country has been harbouring several billionaires. Mukesh Ambani and Gautham Adani or obviously, at the forefront of this financial boom in the country.

However, as per the latest financial reports, both Ambani and Adani took a severe beating in terms of net worth and financial valuations.

Adani net worth which speak that one US$122 billion in June is now hovering at $82B as per the latest valuation presented by Bloomberg Billionaire Index.

The serious allegations levelled by the US department of justice on the bribing activities of the Adani Company have taken a serious on the overall prospects of the Company. The market valuation depreciated considerably as Adani kept losing a fortune of his net worth.

Coming to Ambani, he happily spent a whopping $600 million on his son Anant Ambani’s wedding and this in itself set him a fair bit back. The Reliance Company which peaked at $120B in July is now valued at $96.7B as on December 13.

The serious cut in earnings from the energy department has resulted in reliance losing out a major chunk of its revenue. The company at large is undergoing a financial distress of short.

The end report is that both Adani and Ambani have been sent out of the hundred billion club now and it would take some doing to get back on this list now.

Meanwhile, Elon musk has been soaring up in net worth as he is currently valued at over US$400 billion. His Tesla shares have been on a steep rise in the recent weeks after Donald Trump’s record, breaking win in the US election.