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In a stark contrast to Iran’s pressing energy challenges, India has witnessed a substantial decline in the fortunes of its two richest men, Mukesh Ambani and Gautam Adani. Over the past six months, their combined wealth has diminished by an astounding $64 billion, as highlighted by a Bloomberg analysis. This stark fluctuation has raised concerns about the broader economic environment in India.
Mukesh Ambani, the chairman of Reliance Industries, experienced a notable decrease in his fortune, with his wealth plummeting from a peak of $2.8 billion in July to $96.7 billion by mid-December. This downturn is attributed to multiple factors, including slowing demand for energy and retail, rising debt concerns, and increased competition, particularly in the digital sector.