• Mukesh Ambani's net worth has dropped to $101 billion due to a decline in Reliance Industries' shares.
• This has resulted in a $2.18 billion reduction in his fortune in a single day.
• Meanwhile, Gautam Adani's net worth increased by Rs 266 crore, narrowing the wealth gap between the two industrialists.
• The recent decline in Ambani's wealth highlights the volatility of the stock market and its impact on individual fortunes.

Mukesh Ambani, the Chairman of Reliance Industries and one of the wealthiest individuals globally, has seen a significant decline in his net worth. The Indian billionaire, who was recently ranked 11th on the global list of the world's richest, has seen his wealth steadily decline, causing him to drop to 17th on the Bloomberg Billionaires Index.

Ambani's net worth now stands at $101 billion, teetering on the edge of falling out of the exclusive $100 billion club.

The decline in Ambani's wealth is attributed to a sharp drop in Reliance Industries' shares, which have fallen over 10% in the past month. This has led to a staggering $2.18 billion reduction in his fortune in a single day.

The last few days have been particularly challenging for Ambani, with his wealth decreasing progressively. Over the last two months, his net worth has fallen from $112 billion, marking a significant financial setback.

Reliance Industries' financial performance has been below market expectations, contributing to the decline in Ambani's wealth. The company reported a 4.77% drop in profit attributable to its owners, bringing the figure to Rs 16,563 crore. In comparison, the company had posted a profit of Rs 17,394 crore in the same period last year.

The Impact on Indian Industrialists

While Ambani's wealth declined, Gautam Adani, another Indian industrialist, had a profitable day. Adani's net worth increased by Rs 266 crore, bringing his total fortune to Rs 99.2 billion (about $11.9 billion).

This narrows the wealth gap between the two industrialists, which had widened significantly following the Hindenburg report's release earlier this year. Adani now ranks 18th on the global billionaire list, showing signs of recovery after the turbulence of the past year.

The fortunes of other prominent individuals have also suffered in recent weeks, including Shapoor Mistry, Kumar Birla, KP Singh, and Savitri Jindal.

The Indian stock market has been experiencing a downturn over the last few weeks, which has impacted the value of major companies, including Reliance Industries, the conglomerate owned by Mukesh Ambani. Reliance Industries shares have plunged by more than 10% in the past month, substantially affecting Ambani's overall wealth.

The company's stock also fell 3.34% over the past five trading sessions, further impacting Ambani's wealth. This event is reminiscent of historical instances where billionaires have seen their fortunes fluctuate due to market dynamics.

Global Billionaire Fortunes

Globally, billionaire fortunes also experienced notable changes. Bernard Arnault, the French luxury goods tycoon and former richest man in the world, lost $3.46 billion in a single day. His net worth now stands at $182 billion, placing him in 5th position on the billionaire list.

Meanwhile, Elon Musk and Jeff Bezos continued to strengthen their positions at the top. Musk remains the world's richest person with a fortune of $241 billion, followed by Bezos at $211 billion.

For instance, during the 2008 financial crisis, many billionaires saw their net worth decline significantly due to the global economic downturn. Similarly, the COVID-19 pandemic has also led to significant changes in the fortunes of billionaires, with some seeing their wealth increase while others experienced declines.