A file picture of Mukesh Ambani, head of Reliance Industries Limited, during a press conference in New Delhi. EFE/EPA/FILE/Rajat Gupta

Ambani back as India’s richest man, Adani pushed to 2nd spot

New Delhi, Oct 12 (EFE).- Indian billionaire Mukesh Ambani, of the Reliance conglomerate, regained the position as India’s richest man with an estimated fortune of $92 billion, according to the Forbes list.

Ambani’s return to the top is driven in part by the fall in the fortune of his rival Gautam Adani in the stock market in the last one year.

The head of Reliance Industries Ltd, a diversified telecommunications and energy conglomerate, has the largest net worth in the country of over 1.4 billion people, according to the ranking, which reported a rise of $4 billion in its net worth this year.

With this, Ambani has recovered the position he lost to Adani, who last year reached the top of the list with a total wealth of $150 billion.

The fortune of the chairman of the Adani Group suffered a meteoric fall in January this year following the publication of a report by the US investment group Hindenburg Research accusing the conglomerate of stock fraud.

Adani, which controls much of the country’s main ports, saw its fortunes shrink by nearly 55 percent this year.

The decline began on Jan. 25, when Hindenburg said in its report that Adani added most of his fortune through appreciation of shares in the group’s seven key companies, which rose an average of 819 percent in less than three years.

The billionaire, seen as a close ally of Indian Prime Minister Narendra Modi, has denied these allegations. While government agencies and the justice system have initiated proceedings into the accusation, so far nothing implicating Adani has resulted from it.

Nevertheless, the fortunes of India’s 100 richest people did not change significantly compared to the previous year, with their cumulative wealth amounting to $799 billion, compared to last year’s $800 billion, according to Forbes data.

The only woman in the top ten was Savitri Jindal, head of the steel and energy conglomerate Jindal Group, in 4th place, with a total wealth of $24 billion dollars.

However, none of the Indian tycoons found a place in the global top 10, now occupied almost entirely by Americans, except for the Frenchman Bernard Arnault in second place. EFE

igr/sc