Gautam Adani, chairperson of Adani Group, has been overtaken by Reliance Industries Ltd. chairman Mukesh Ambani as the world’s richest Indian, per Forbes Real-Time Billionaires List.

What Happened? Ambani overtook Adani on Forbes Real-Time Billionaires List after Adani’s net worth dropped by 12.72% in the last 24 hours.

Gautam Adani's assets wealth is currently pegged at ₹6,30,761 crore according to the real-time tracker on Wednesday. Ambani, who now occupies the 9th position on the list, has a net worth of ₹6,84,767 crore, while Adani has slipped to the 14th spot, as of 2:50 pm IST.

Bernard Arnault and family continue to top the rich list with a net worth of ₹17,48,570 crore.

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Meanwhile, on the Bloomberg Billionaires Index, which is a daily ranking of the world’s richest people with figures updated at the close of every trading day in New York, Gautam Adani continues to feature in the top 10 richest billionaires list, with Mukesh Ambani down in 13th place. This is set to change when numbers update Thursday, India time, with Adani’s companies continuing to take a beating as Indian bourses closed for trading on Wednesday.

Adani’s net worth has slipped primarily after the release of a report by US-based short-seller Hindenburg Research, which alleges that the Adani Group has been using malpractices to raise the valuation of its companies.

In response, Adani Group refuted the claims and said that the report was ‘malicious’ and the group was trying to derail the “India growth story.”

Read Next: Adani Group Stocks Continue To Plunge Wednesday As SEBI Said To Discuss Conglomerate’s Finances With Rating Agencies

Photo by World Economic Forum on Flickr.