Mukesh Ambani, Gautam Adani out of Bloomberg $100 billion club amid business setbacks
Mumbai: Reliance CMD Mukesh Ambani and Adani Group chairman Gautam Adani, two of Asia's wealthiest individuals and India's richest billionaires, have both left Bloomberg's $100 billion club for the year due to various business challenges.
The wealthiest people in India, however, saw an increase in their net worth overall. Since January 2024, the top 20 have gained $67.3 billion, with tech mogul Shiv Nadar ($10.8 billion) and Savitri Jindal ($10.1 billion) making the most gains, the report said.
Mukesh Ambani and Gautam Adani are both grappling with challenges that are affecting their business empires and personal wealth. As per the Bloomberg list, Ambani's personal fortune took a hit when the retail and energy divisions of his company underperformed. His wealth which stood at $120.8 billion in July, when his son Anant got married lavishly, dropped to $96.7 billion as of December 13, according to the Bloomberg Billionaire Index (BBI), which has investors worried about rising debt.
The issues are more serious for Adani. A US Department of Justice (DoJ) investigation is threatening his conglomerate and might halt any progress as uncertainty extends. According to the BBI, Adani's net worth dropped from $122.3 billion in June to $82.1 billion as a result of the November probe. Adani has also been hit hard by the Hindenburg Research investigation and allegations of fraud.
According to Bloomberg, Adani and Ambani are thus no longer members of the "elite centibillionaires club," which comprises those with wealth exceeding $100 billion.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Fake notes with 'movie shooting purpose only' written on them send police into tizzy in Sirsi
Sirsi (Karnataka), Apr 8 (PTI): The police in Uttar Kannada went into a tizzy on Tuesday after they found fake currency notes of Rs 500 denomination from a house in Dandeli with 'movie shooting purpose only' written on them.
Based on a tip-off, police searched a rented house at Gandhinagar in Dandeli and confiscated the fake currency notes along with a money counting machine.
Arshad Khan, who is said to be from Goa, was staying as a tenant in the house belonging to Noorjan Jhunjuwadkar, police said.
Police were informed after Jhunjuwadkar noticed that Khan was absent from the house for the past one month.
The fake currency notes had the inscription 'Reverse Bank of India' on them, but did not have the signature of the RBI governor, police said.
The notes were printed on a shining paper with only zeros written in the place of the number, and 'movie shooting purpose only' inscribed on them, police said.
A hunt is on to trace Khan to question him about the seizure, they added.
