Gautam Adani, the Indian business tycoon lost $34 billion in just three trading days, falling from fourth to eleventh on the Bloomberg Billionaires Index.
Mumbai: Life is replete with ups and downs. Anything can happen in a short time. Currently, industrialist Gautam Adani is on the backfoot as his name is omitted from the list of the world’s top 10 richest people.
If his slipping speed remains the same for some more time, he may be replaced as Asia’s wealthiest person by someone else. All this takes place because shares in Adani’s conglomerate continue to slide.
The Indian business tycoon lost $34 billion in just three trading days, falling from fourth to eleventh on the Bloomberg Billionaires Index.
Adani currently ranks just one spot above its rival and chairman of Reliance Industries Ltd., Mukesh Ambani, whose net worth is $82.2 billion. Adani’s current fortune is $84.4 billion.
Following the release of a report by Hindenburg Research alleging “brazen stock manipulation and accounting fraud,” shares of Adani Group firms have plunged in a three-day selloff that has erased more than $68 billion in market value.
On the Billionaires Index, Adani now lags behind Mexico’s Carlos Slim, Google co-founder Sergey Brin, and former Microsoft CEO Steve Ballmer.