2024 Election Shake-Up: Mukesh Ambani Regains Asia's Richest Title Surpassing Adani, Amidst Stock Plunge

Mukesh Ambani has reclaimed the title of Asia's richest person, surpassing Gautam Adani in a dramatic shift among the world's wealthiest individuals. The Bloomberg Billionaires Index now ranks Ambani as the 11th wealthiest person globally.

Adani's conglomerate faced a $25 billion loss in a single day due to the BJP not securing a majority in the 2024 Lok Sabha elections, causing him to slip to 15th position. All 10 Adani Group stocks plummeted, erasing nearly $45 billion in market value. This was the largest single-day decline for the $189 billion conglomerate, surpassing the impact of Hindenburg Research’s allegations of corporate misconduct over a year ago.

Also Read: Nitish Kumar Becomes Center Of Jokes As He Holds Key To Next Government After BJP Falls Short Of Majority

Report Of Bloomberg Billionaires Index- 

The Bloomberg Billionaires Index reports that market swings caused Adani’s wealth wipeout, marking the fourth-largest one-day decline on record. This steep loss, surpassed only by Elon Musk and Mark Zuckerberg, dethroned Adani as Asia’s richest person and reduced his fortune to $97.5 billion

Bullish exit polls for Modi on Monday boosted the Adani Group’s market value by $20 billion. On Tuesday, Indian shares plunged across the board, experiencing their worst session in over four years, as voting trends indicated that Prime Minister Narendra Modi's alliance would not secure the predicted landslide victory.

The NSE Nifty 50 dropped 5.9%, and the S&P BSE Sensex fell 5.7%, marking their steepest decline on an election outcome day since 2004. This decline came after blue-chip indexes surged to record highs on Monday, driven by exit polls predicting a significant victory margin.

The Nifty and the Sensex initially plunged as much as 8.5% earlier in the day before recovering some losses to close at 21,884.5 points and 72,079.05 points, respectively.

The rout was widespread, with 12 of the 13 major indexes ending the day lower. The more domestically focused small-cap and mid-cap indexes also sank by 8%.

What Did Mayuresh Joshi Say?

Mayuresh Joshi, Head of Equity Research for India at William O'Neil and Company, stated that markets had reached an all-time high, with significant hope built upon BJP's anticipated majority, and this optimism would likely diminish over the next few sessions.

The spotlight will shift toward policy declarations as reforms are set to persist given the BJP's attainment of an absolute mandate.

Also Read: Lok Sabha Election Results 2024: Party-Wise Breakdown Of Winners