Gautam Adani may soon lose his title as Asia’s richest man and drop outside the top 10 richest people in the world if shares in his company continue to plummet. The Indian Industry mogul dropped from fourth to eleventh on the Bloomberg Billionaires Index after losing $34 billion of his personal wealth in just three trading days.
Gautam Adani slips out of World’s top 10 richest people
The chairman of Reliance Industries Ltd. and rival Mukesh Ambani, whose net worth is $82.2 billion, is now ranked just one spot ahead of Adani. The present worth of Adani is $84.4 billion. Shares of Adani Group companies have plummeted in a three-day selloff that has destroyed more than $68 billion in market value following the publication of a study by Hindenburg Research alleging “brazen stock manipulation and accounting fraud.”
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On the Billionaires Index, Adani now lags behind Mexico’s Carlos Slim, Google co-founder Sergey Brin, and former Microsoft CEO Steve Ballmer.
Hindenburg Research allegation
The damning analysis by the activist short-seller firm Hindenburg Research, based in the US, has hurt Gautam Adani’s fortunes and the value of the Adani Group equities. The Adani Group was charged in the study with engaging in decades-long activities such blatant stock manipulation, money laundering, and accounting fraud.
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