India was an exception with the sensex rising 12% during the year. Four companies controlled by billionaire Gautam Adani made the Hurun Global 500 list for the first time: Adani Enterprises (worth $46 billion), Adani Transmission ($44 billion); Adani Total Gas ($43 billion) and Adani Green Energy ($40 billion). Founded in 2014, Adani Transmission is among the youngest on the list.
Of the 20 Indian companies in the list, 11 are based in Mumbai and four in Ahmedabad. Reliance Industries is the most valuable company (worth $202 billion), followed by TCS ($139 billion) and HDFC Bank ($97 billion). Financial Services led the way with seven companies, followed by software & services and energy with three companies each. The valuation cut-off for the top 500 has fallen 23% in 2022 to $28 billion compared to $36.6 billion last year. Overall, the top 500 companies lost $11.1 trillion (19%) of their value due to a decline in share prices.
Apple continued to be the most valuable company in the world (worth $2.4 trillion), though its value is down 3% from the previous year. Microsoft retained second place with a valuation of $1.8 trillion, down 15% from the previous year.
Financial services sector was the biggest contributor to the list with 21% or 104 companies, led by United Health Group, Visa and JP Morgan Chase. Energy sector was the biggest winner.
