Reliance ADAG Group chairman Anil Ambani is now out of the billionaire club. He was ranked sixth in the list of the world’s richest people in 2008. According to the media sources, when the stock market was closed on 17 June, the loss of the billionaire dropped spontaneously. After the market closed on 17 June, Anil Ambani’s 6 companies’ market capitalization stood at Rs 6,196 crore. 4 months ago, the market cap of Ambani’s companies was Rs 8 thousand crore rupees.
Anil Ambani was the sixth richest person in the world in 2008, but in the last 11 years, the wealth of his company has come down steadily and now his business is just of about Rs 3651 crore. He has vouched for too much property in it. The Reliance Group, led by Anil, was valued at Rs 8,000 crore four months ago. In March 2018, the total debt of Reliance Group companies was 1.7 lakh crore rupees. He had claimed to pay Rs 35 thousand crores in 14 months.
Now Anil Ambani’s total wealth is less than $ 1 billion. This figure can be even lower as Ambani has pledged promoter holding. Anil Ambani had said in a conference on Tuesday last week that his group has paid a loan of Rs 35 thousand crores. These loans have been repaid in 14 months without any help from the bank. The next day, auditor PWC resigned from the post of auditor of Reliance Capital and Reliance Home Finance. PWC accused Fraud of the company After this ADAG Group’s shares started falling. Investors are not looking forward to turnaround. Anil Ambani’s wealth was reduced due to his rising debt.
IIFL EVP Sanjeev Bhasin told in a statement that ‘This is the general story of greed and fear. Reliance Communications was heavily loaded and could not return at the right time. It was also framed by other companies. Due to this 90% market cap of group companies drowned. However, some of the ADAG Group’s businesses are still bullish. According to Bhasin, Reliance Capital’s power, utilities, and NBFC businesses are still very attractive.