Adani Group overtook Tata Group to become India’s most valuable business company. Completing the acquisition of Ambuja Cement and ACC (NSE -4.96%) helped Adani overtake Tata Group. The combined market capitalisation of Adani Group, which includes newly acquired Ambuja and ACC, stands at Rs 22.25 lakh crore as of Friday.

The combined market capitalisation of all Tata Group companies is Rs 20.81 lakh crore. The combined market value of Adani Group’s nine listed companies lost Rs 40,000 crore on Friday, while that of Tata Group fell by almost Rs 60,000 crore. Mukesh Ambani-led Reliance Industries (NSE -2.48%) came third with a market cap of Rs 17.07 lakh crore.

According to Forbes’ real-time billionaire list released on Friday, Adani Group chairman Gautam Adani briefly surpassed Amazon’s Jeff Bezos as the world’s second-richest person. But LVMH founder Bernard Arnault and his family came in second on Friday’s list after Adani shares sold off. Tesla’s Elon Musk is the world’s richest man, with a net worth of $269.1 billion. French business magnate Arnault is worth $153.9 billion, while Gautam Adani and his family are worth $152.2 billion.

Excluding ACC and Ambuja Cement, Adani Group has added almost Rs 10.16 lakh crore to its market capitalisation this year, thanks to the sharp rise in the share prices of most companies. Tata Group lost Rs 2.57 lakh crore in market value during the period, with its flagship Tata Consultancy Services (NSE -3.08%) down more than 17%.
On Friday, Switzerland-based Holcim said the group sold its India business to Adani Group for $6.4 billion.