Ambani, Adani exit $100 billion club 

Mukesh Ambani, chairman and managing director of Reliance Industries, and Gautam Adani, chairman of the Adani Group, both of whom rank among India’s wealthiest and some of Asia’s richest individuals, have dropped out of Bloomberg’s $100 billion club this year.

Adani’s business empire has been shaken by a US Department of Justice investigation that could reduce funding opportunities and complicate the securing of new contracts. 

Ambani, Asia’s wealthiest individual, has seen a decline in his wealth, though it has not been as pronounced. 

His fortune peaked at $120.8 billion in July, coinciding with a lavish family wedding. 

However, his company, Reliance, has faced setbacks, including weaker earnings from its energy division and slower consumer demand in retail.

These allegations are expected to continue impacting Adani Group’s stock prices as 2024 approaches. 

Adani’s net worth peaked at $122.3 billion in June, after taking measures to strengthen the company’s financial position following the Hindenburg controversy. 

However, his wealth has since diminished to $82.1 billion, according to Bloomberg’s index.