Mukesh Ambani, Asia’s wealthiest individual, experienced a massive financial setback on Tuesday, losing Rs 9,200 crore in just one day. This dramatic decline followed a downturn in the share market triggered by Finance Minister Nirmala Sitharaman’s announcements in the Union Budget 2024. The Finance Minister revealed an increase in both long-term capital gains (LTCG) and short-term capital gains (STCG) taxes, which led to a red market.
Impact on Reliance Industries
During the market turbulence on budget day, Reliance Industries, Mukesh Ambani’s flagship company, saw its stock trading negatively. This decline significantly affected Ambani’s net worth. According to the Bloomberg Billionaires Index, the 67-year-old’s wealth dropped by USD 1.10 billion, or Rs 9,200 crore, over the past 24 hours, bringing his net worth down to USD 112 billion. However, on Wednesday, Reliance Industries’ share price showed a slight recovery, closing at Rs 2,988.
Gautam Adani’s Financial Upsurge
In contrast, Gautam Adani, Chairman of the Adani Group and India’s second richest person, saw a significant boost following the budget announcement. His net worth surged by USD 724 million, or approximately Rs 6,060 crore, in just one day. This increase raised his wealth to USD 102 billion. The shares of Adani Group companies saw an upswing in the stock market, with Adani Enterprises’ share closing at Rs 2,968.80 on the NSE on Wednesday.
While Mukesh Ambani faced a substantial financial loss due to adverse market reactions to the new tax announcements, Gautam Adani capitalised on the situation, experiencing notable gains. The contrasting fortunes of these two business magnates underscore the volatile nature of the stock market and its sensitivity to policy changes.
