The stock market turmoil following the Lok Sabha election results has had a significant impact on the net worth of India’s top businessmen, Gautam Adani and Mukesh Ambani. The Bharatiya Janata Party (BJP) failed to secure a majority as predicted by exit polls, leading to a market crash. However, a recovery was seen the following day, with the Sensex gaining over 1,000 points and Nifty adding over 500 points.
Impact on Gautam Adani
- Net Worth Decline: Gautam Adani, Chairman of the Adani Group, saw his net worth plunge by $24.9 billion in a single day.
- Current Net Worth: As of Wednesday, his net worth stands at $97.5 billion, according to the Bloomberg Billionaires Index.
- World Ranking: He is now ranked 15th on the list of the world’s richest individuals and is the second-richest person in India.
- Stock Performance: Adani Group stocks fell by up to 18% on June 4, following a period of gains. This decline was attributed to investors unwinding speculative positions.
- Market Capitalization: The sharp drop led to a substantial decrease in Adani Group’s market capitalization, wiping out over Rs 10 lakh crore.
Impact on Mukesh Ambani
- Net Worth Decline: Mukesh Ambani, Chairman of Reliance Group, experienced a decline in his net worth by $8.99 billion.
- Current Net Worth: His net worth now stands at $106 billion.
- World Ranking: He is ranked 11th on the list of the world’s richest individuals and remains the richest person in India.
Global Rankings
- Bernard Arnault: Leads the world’s richest list with a net worth of $207 billion.
- Jeff Bezos: Amazon founder is second with a net worth of $202 billion.
- Elon Musk: Tesla founder is third with a net worth of $201 billion.
- Mark Zuckerberg: Facebook founder is fourth with a net worth of $170 billion.
- Larry Page: Google co-founder is fifth with a net worth of $155 billion.
The market volatility underscores the sensitivity of stock markets to political events and investor sentiment, particularly in emerging markets like India.
