{"text":[[{"start":10.45,"text":"Indian industrialist Gautam Adani has overtaken compatriot Mukesh Ambani to become Asia’s richest person, as the Iran conflict weighs on his rival’s petrochemicals-dependent empire."}],[{"start":21.75,"text":"Ambani, who chairs Reliance Industries, operator of the world’s largest refinery, has shed $16.9bn so far this year — the biggest drop among the wealthiest Asians — taking his net worth to $90.8bn, according to the Bloomberg Billionaires Index."}],[{"start":39.75,"text":"In contrast, Adani, whose business interests span coal trading, renewable energy and cement, has seen his fortune rise by $8.1bn over the same period to $92.6bn."}],[{"start":52.95,"text":"His conglomerate has staged a recovery from past fraud allegations, supported by steady earnings from its domestic businesses in the world’s fastest-growing major economy."}],[{"start":62.2,"text":"“The impact of global crude oil prices and the geopolitical issues are clearly visible on Mukesh Ambani’s businesses,” said Kranthi Bathini, director of equity strategy at WealthMills Securities in Mumbai."}],[{"start":75.2,"text":"Meanwhile, Adani’s companies are “quite resilient and resurgent” after a “volatile period” marked by allegations of fraud from a short seller and US criminal charges against the billionaire chair."}],[{"start":86.55,"text":"“By and large, their businesses are built around India’s growth and are well diversified,” said Bathini."}],[{"start":93.3,"text":"India’s wealthiest individuals have collectively lost $28.1bn so far this year, according to Bloomberg, as the fallout from war in the Middle East ripples through global markets."}],[{"start":103.89999999999999,"text":"Oil importers such as India have been hit particularly hard. Rising crude prices, foreign capital outflows and increased risk aversion have dragged Indian equities lower, eroding fortunes tied to listed companies."}],[{"start":116.89999999999999,"text":"Ownership by foreign institutional investors has dropped to $660bn, from a peak of $930bn in September 2024, according to BNP Paribas, partly due to a weakening currency and the “rising risk” to India’s economy and corporate earnings from elevated oil prices."}],[{"start":137.2,"text":"Analysts at US investment bank Jefferies this week lowered their forecast for Reliance’s earnings per share by 6 per cent for the current financial year, citing expectations of weaker oil-to-chemicals profitability “due to the high premium of physical crude compared to benchmark Brent prevailing currently and elevated freight costs”."}],[{"start":157.04999999999998,"text":"While Ambani has led a years-long diversification of Reliance into areas including retail, renewable energy, media and AI, petrochemicals still account for more than half the group’s revenue. The company’s share price has fallen 14 per cent so far this year."}],[{"start":172.99999999999997,"text":"By contrast, Adani Group stocks, including its ports and power arms, have largely gained, outperforming the benchmark Nifty 50 index, which is down 7 per cent this year. Adani has continued to press ahead with major investment plans, including opening new airports and expanding his energy portfolio."}],[{"start":192.24999999999997,"text":"Adani briefly overtook Jeff Bezos as the world’s second-richest man in 2022 before the now-defunct US short seller Hindenburg Research accused the group of share price manipulation, money laundering and accounting fraud, contributing to what it described as “sky-high valuations”."}],[{"start":212.14999999999998,"text":"The billionaire and his conglomerate have repeatedly denied wrongdoing, but the allegations in early 2023 dented the group’s stocks and Adani’s personal wealth."}],[{"start":222.09999999999997,"text":"After the Hindenburg report, the conglomerate reduced its debt and shares were recovering when US prosecutors in November 2024 brought criminal charges against Adani and his nephew Sagar Adani. Authorities alleged they orchestrated bribes worth hundreds of millions of dollars to Indian officials in connection with renewable energy contracts."}],[{"start":243.54999999999995,"text":"Both were charged with securities fraud for failing to disclose the alleged scheme during an Adani Green bond offering in 2021. "}],[{"start":251.19999999999996,"text":"Lawyers for the Adanis are seeking to have the case dismissed by the end of this month and have disputed that there is any credible evidence of their clients’ involvement in the alleged bribery scheme or securities fraud."}],[{"start":263.74999999999994,"text":"They have also argued that US courts do not have jurisdiction over the pair, who reside in India."}],[{"start":269.99999999999994,"text":"Last year, Adani told shareholders that “true leadership is not built in sunshine” but “constructed in the fire of crisis”."}],[{"start":278.29999999999995,"text":"While the wealth rankings of the two richest Indians may continue to shift, “with respect to the business environment and the global environment this year belongs to Gautam”, said Bathini."}],[{"start":288.34999999999997,"text":"Adani Group and Reliance did not immediately respond to requests for comment."}],[{"start":304,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776450411_3705.mp3"}