A sharp fall in the Indian stock market has delivered a major blow to India’s richest businessmen. Reliance Industries Chairman Mukesh Ambani saw his net worth decline sharply within 24 hours, while Gautam Adani slipped out of the world’s top 20 richest list amid market volatility.
A steep decline in the stock market has significantly impacted the wealth of India’s two biggest industrialists. Mukesh Ambani’s net worth dropped by nearly ₹39,000 crore in just 24 hours, while Gautam Adani fell out of the global top-20 richest individuals list. This raises the big question: what suddenly caused such a sharp fall in the fortunes of both Ambani and Adani?
On Tuesday, Reliance Industries shares witnessed heavy selling pressure. During intraday trade, the stock fell by nearly 5%, wiping out around ₹1 lakh crore from the company’s market capitalisation. This sharp fall directly impacted the personal wealth of Mukesh Ambani, the company’s Chairman.
The weakness in Reliance shares continued on Wednesday as well.
According to the Bloomberg Billionaires Index, Mukesh Ambani’s net worth declined by $4.37 billion (around ₹39,000 crore) to $103 billion. He is now ranked 18th on the global rich list. So far in 2026, his wealth has fallen by $4.21 billion.
Sharp fall in Reliance Industries shares
Profit booking by large institutional investors
Pressure on IT, energy, and telecom stocks
Weakness in Indian markets due to global cues
India’s second-richest person, Gautam Adani, also suffered a setback. On Tuesday, his net worth declined by $313 million to $85.4 billion. As a result, he slipped to 21st position, falling out of the world’s top-20 richest list.
American billionaire Thomas Peterffy moved ahead of him in the rankings.
Weakness in some Adani Group stocks
Volatility in global equity markets
Investor caution and limited buying interest
Meanwhile, Elon Musk continues to top the list of the world’s richest individuals, even though his net worth declined by $13.4 billion on Tuesday to $630 billion. Larry Page holds the second position globally.
Elon Musk – $630 billion
Larry Page – $270 billion
Jeff Bezos – $262 billion
Sergey Brin – $251 billion
Larry Ellison – $246 billion
Mark Zuckerberg – $233 billion
Bernard Arnault – $207 billion
Steve Ballmer – $167 billion
Jensen Huang – $155 billion
Warren Buffett – $150 billion
The recent weakness in the stock market has reshuffled billionaire rankings worldwide, clearly showing how rapidly personal wealth can change with market movements.