Mukesh Ambani loses Rs 9200 crore, Gautam Adani’s net worth rises by Rs 6060 crore on the budget day
Mukesh Ambani, the richest man in Asia, experienced a significant financial loss of Rs 9200 crore in just one day on Tuesday. This occurred after the stock market declined following announcements made by Finance Minister Nirmala Sitharaman in the Union Budget 2024. She revealed an increase in both long-term (LTCG) and short-term capital gains (STCG) taxes, which caused the market to slump. Consequently, shares of Mukesh Ambani's Reliance Industries were trading lower, impacting his net worth. According to the Bloomberg Billionaires Index, Ambani, aged 67, saw his net worth drop by USD 1.10 billion or Rs 9200 crore within 24 hours, bringing it down to USD 112 billion. However, by Wednesday, Reliance Industries' shares showed a slight recovery, closing at Rs 2,988.
In contrast, Gautam Adani, chairman of the Adani Group and the second richest man in India, benefited from the budget announcement. His net worth increased by USD 724 million or approximately Rs 6060 crore in a single day, raising his total wealth to USD 102 billion. The shares of Adani Group companies saw an uptick on the budget day, with Adani Enterprises' share closing at Rs 2,968.80 on the NSE on Wednesday.