Mukesh Ambani reclaims title of India's richest man from Gautam Adani

Reliance Industries Limited (RIL) chairman and managing director Mukesh Ambani has dethroned Adani Group chairman Gautam Adani to become Asia's as well as India's richest man following a surge in RIL stock price.

In the Bloomberg Billionaire's Index, which tabulates the list of richest people in the world, Ambani has also overtaken Adani. Mukesh Ambani with a net worth of $99.7 billion has leaped, past Adani, with a net worth of $98.7 billion to become the richest individual in India as well as all of Asia. Adani had held the number one spot for a few months thanks to the performance of his firm on the stock market.

Currently, Ambani is the sixth richest man in the world as per the Forbes Real-time billionaire list. He bagged the spot with an overall net worth to $103.5 billion. Adani is in the ninth spot with a net worth of $99.3 billion.

According to Forbes Real-time billionaire list, Elon Musk remains the richest man in the world with a net worth of $233.7 billion. Behind him is LVMH's Bernard Arnault with a net worth of $157.0 billion. While Amazon founder Jeff Bezos sits in third place with a net worth of $151.2 billion.

RIL share has gained 6.50 per cent in two days. RIL stock is currently trading higher than 5-day, 20-day, 50-day, 100-day, and 200-day moving averages. The firm's stock has gained 26.82 per cent in one year and risen 18.31 per cent since the beginning of this year.

On June 2, RIL stock rose after the firm's subsidiary Reliance Brands Limited (RBL) inked a joint venture arrangement with Plastic Legno SPA to strengthen the toy manufacturing ecosystem in India. Plastic Legno SPA is owned by the Sunino Group that boasts over 25 years of toy output experience in Europe.

RIL share gained 2.18 per cent to Rs 2,689 on June 2 against the previous close of Rs 2,632.20 on BSE. The stock closed 3.51 per cent higher at Rs 2,725 on BSE.

Also read: Adani and Ambani: The big ambitions of India’s biggest billionaires