In the event that shares in his business continue to decline, Gautam Adani may soon lose his position as Asia’s richest person and fall outside the top 10 richest persons in the world.
The Indian tycoon Gautam Adani lost $34 billion in personal fortune in just three trading days, falling from fourth to eleventh on the Bloomberg Billionaires Index.
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Adani currently ranks just one spot above rival and chairman of Reliance Industries Ltd. Mukesh Ambani, whose net wealth is $82.2 billion. Adani’s current fortune is $84.4 billion.
Following the release of a report by Hindenburg Research alleging “brazen stock exploitation and accounting fraud,” shares of Adani Group firms have plunged in a three-day selloff that has destroyed more than $68 billion in market value.
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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.
