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Mukesh Ambani’s wealth witnessed ‘V-shaped’ recovery at Rs 90 crore per hour since lockdown

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Mukesh Ambani’s wealth witnessed ‘V-shaped’ recovery at Rs 90 crore per hour since lockdown

Asia’s richest man Mukesh Amban’s wealth grew by an eye-popping Rs 90 crore per hour since “March lockdown”, according to IIFL Wealth Hurun India Rich List 2020. At a time when all economic activity had come to a screeching halt, Reliance Industries Chairman was busy tending a beeline of investors willing to pour billions of dollars into his conglomerate’s tech play – Jio Platforms.

Since ‘March lockdown’ Ambani’s wealth fortune went up by Rs 2.78 lakh crore to Rs 6.6 lakh crore making Ambani retail his numero uno position on the list for 9th year running.

With a wealth of Rs 6,58,400 crore, the promoter of India’s biggest company by market-capitalisation (m-cap), continues to be the richest man of the country. At the beginning of the Covid-19 pandemic, Ambani’s wealth dropped by 28% to Rs 3,50,000 crore and then backed by a series of fundraising and strategic investment from Facebook, Google and other marquee investors into Jio and Reliance Retail, his valuation registered a “V-shaped recovery” and increased by 85% in just months. Despite the ongoing pandemic, RIL’s m-cap crossed Rs 10 lakh Cr and registered a 73% increase in Mukesh Ambani’s wealth.

This swing in the billionaire’s wealth is primarily due to fluctuations in the stock market.

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“Ambani’s wealth is now bigger than the combined wealth of the next 5 in the list”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

According to the list, there are 179 dollar billionaires in India, which is up 3 times since Hurun India started in 2013. The percentage of self-made entrepreneurs is up at 64% from 54% five years ago while 90% of the businesses on the list are family-run, Hurun said.

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Also Read : Total Cases Of Covid-19 In India Exceeded 62 Lakhs, 80,472 New Cases In Last 24 Hours

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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