Two of India’s richest personalities Gautam Adani and Mukesh Ambani, have exited the $100 billion club, as per the recent data from the Bloomberg Billionaires Index. Additionally, their business empires faced numerous headwinds year 2024. As of December 17, Ambani’s total net worth stands at $96.3 billion while Adani’s total net worth is presently $80.8 billion.
Chairman of Reliance Industries and India’s richest man, Mukesh Ambani has seen his wealth deteriorating as in 2024 Reliance Industries has struggled with unsuccessful in its energy and retail businesses. The Decrease in sales growth and concerns of investors over debt have brought the issues for the conglomerate, which is pivoting toward digital platforms, renewable energy, and retail expansion. As of now in 2024, the shares of Reliance have slipped 3.80%, lagging the BSE Sensex’s 11.70% rise.
According to the analysts, the average target price of the RIL stock is at Rs 1,602, showing an upside of over 26% from the current levels. For the stock, the consensus recommendation from 37 analysts is a ‘buy’ rating. Gautam Adani’s diversified portfolio of companies, infrastructure, and logistics has experienced setbacks driven by regulatory challenges and declining investor confidence.
In 2024, the Adani Group’s market capitalisation has shrunk by Rs 87,805 crore, with major losses in key stocks such as Adani Green Energy, which has fallen 28% in 2024, and Adani Enterprises, which is down 14%. The recent allegations of bribery in securing the power contracts, former accusations from Hindenburg Research, have increased concerns about governance and financial transparency.
Additionally, Adani Green Energy’s market capitalization has shrunk by Rs 71,115 crore to Rs 1,81,863 crore, while Adani Enterprises has observed its market valuation slip to Rs 2,83,351 crore, down by Rs 41,435 crore from Rs 3,24,786 crore at the end of 2023. Even after the challenges, a few Adani-owned stocks such as Adani Ports and Special Economic Zone, have kicked against the trend, with a 20% increase in share price in 2024. But, the overall fall across Adani companies shows investor caution about the conglomerate’s ability to access funding for the future growth.
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