Gautam Adani drops off world's top 10 richest persons list: Here's Why
With a current fortune of $84.4 billion, Adani's ranking on the Bloomberg Billionaires Index has fallen from 4th to 11th place
Gautam Adani is no longer one of the world's top ten wealthiest people, according to Bloomberg. Previously, the tycoon was placed fourth on the Bloomberg Billionaires Index. Concerns about the report from US-based short seller Hindenburg Research sent shares of most Adani Group firms down for the fourth day in a row on Tuesday morning.
Ten other billionaires, including Bill Gates, Jeff Bezos, and Larry Page and Sergey Brin of Google, are ahead of him right now. Mukesh Ambani, chairman of Reliance Industries Ltd., is only $12 billion ($82 billion) behind him on the list.
Adani, whose net worth was estimated at $92.7 billion as of January 30, is still the richest Asian person in the world, although he has fallen from the fourth spot to the eleventh spot on Bloomberg's Billionaires Index. His wealth has decreased by nearly $28 billion, or 23 per cent, this year.
According to Bloomberg, this is the steepest market-driven decrease for anyone in Asia and the greatest loss in wealth ever suffered by an Indian billionaire.
Stocks in the Gautam Adani-led Adani Group have taken a beating on the bourses after Hindenburg made many charges of fraud, insider trading, and share price manipulation in a report. The group has denied the charges.
Shares of Adani Total Gas fell by 10 per cent on the BSE for the fourth day in a row, while those of Adani Green Energy fell by 9.60 per cent, those of Adani Transmission fell by 8.62 per cent, those of Adani Wilmar fell by 5 per cent, those of Adani Power fell by 4.98 per cent, those of NDTV fell by 4.98 per cent, and those of Adani Ports down by 1.45 per cent.