India's Refining Tycoon Ambani Loses Top Spot Among Asia's Richest After Iran War Shock

[The Financial News]  
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Mukesh Ambani, India's refining magnate, has stepped down from the position of Asia's richest person.
He lost the No. 1 spot as the war in the Islamic Republic of Iran (IRI) sent global oil prices soaring and put pressure on refining margins.
Ambani was overtaken by fellow Indian tycoon Gautam Adani.
The Financial Times (FT) reported on the 17th, local time, citing the Bloomberg Billionaires Index, that Ambani had been overtaken by Adani as Asia's richest person.
Ambani, chairman of Reliance Industries, which operates the world's largest refining complex, has lost $16.9 billion, or about 24.78 trillion won, so far this year. He suffered the biggest loss among Asia's major billionaires. His net worth has fallen to $90.8 billion, or about 133 trillion won.
By contrast, Adani has benefited from the surge in oil prices triggered by the war in the Islamic Republic of Iran (IRI). Coal, renewable energy and cement are his core businesses.
Adani's fortune rose by $8.1 billion, or about 11.87 trillion won, over the same period to $92.6 billion, or about 135 trillion won.
Adani had previously struggled after short-seller Hindenburg Research raised allegations of accounting fraud, but the impact of that shock has now been fully erased by the war in the Islamic Republic of Iran (IRI). Amid India's rapid economic growth and the current oil supply crunch, his energy businesses have expanded sharply.
Kranthi Bathini, head of equity strategy at Mumbai-based Wells Mills Securities, said, "The surge in global oil prices and geopolitical issues have clearly hit Ambani's business."
He added that Adani's companies showed "considerable resilience" as they went through a period of volatility following Hindenburg's accounting allegations and U.S. criminal charges against Adani.
Bathini noted, "Overall, Adani's businesses are tied to India's growth, and his portfolio is well diversified."
Meanwhile, Bloomberg said the wealth of India's billionaires has fallen by a combined $28.1 billion, or about 41 trillion won, so far this year. The shock from the war in the Islamic Republic of Iran (IRI) has rippled through global markets.
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dympna@fnnews.com Song Kyung-jae Reporter