Gautam Adani no longer among world’s top 10 richest people
The Hindu
With a current fortune of $84.4 billion, Adani’s ranking has fallen from fourth place to 11th on the Bloomberg Billionaires Index
Indian tycoon Gautam Adani has slipped out of the list of the world’s top 10 richest people following a rout in company share prices in the aftermath of the U.S.-based short seller Hindenburg Research’s report.
With a current fortune of $84.4 billion, Adani’s ranking has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days.
Also read: Fraud cannot be obfuscated by nationalism, Adani response ignores key questions, says Hindenburg
Adani Group stocks have taken a beating on the bourses after Hindenburg in a report made a litany of allegations, including fraudulent transactions and share price manipulation, at the Gautam Adani-led group. The allegations have been rejected by the group.
Shares of most of the Adani Group firms were trading in the negative territory on Tuesday morning.
For the fourth day running, shares of Adani Total Gas tanked 10%, Adani Green Energy tumbled 9.60%, Adani Transmission declined 8.62%, Adani Wilmar (5%), Adani Power (4.98%), NDTV (4.98%) and Adani Ports (1.45%) on the BSE.
Currently, he is behind ten other billionaires like Bill Gates, Jeff Bezos and Google co-founders Larry Page and Sergey Brin. Reliance Industries Ltd. chairman Mukesh Ambani, whose net worth is $82.2 billion, is tagging behind him at the No. 12 slot.
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