Gautam Adani Exits Top-10 Global Rich List: $34B Wiped Off in 3 Sessions

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Gautam Adani Exits Top-10 Global Rich List: $34B Wiped Off in 3 Sessions
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Industrial mogul and chairperson of the ports-to-power conglomerate Adani Group, Gautam Adani no longer ranks among the top ten wealthiest billionaires in the world, his position sliding further to the 11th spot on the Bloomberg Billionaires Index.

The Indian business tycoon’s rank on the Bloomberg Billionaires Index has slipped from the third position to seventh and now to the eleventh place in only three trading sessions. 

Read Also: Gautam Adani No Longer in Top 3 Global Rich List, Slides to 7th: Wealth Eroded?

Adani Group stocks have been witnessing incessant sell-offs since the past few sessions, following a 2-year investigation report released by the US investment research firm Hindenburg Research LLC, alleging India’s second-largest conglomerate to be engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

Gautam Adani’s cumulative wealth has eroded by a whopping $34 billion in the three-day rout, now standing at $84.4 billion, and plummeting by $36.1 billion so far this year. 

The  Indian billionaire’s wealth nosedived by $6 billion on Wednesday (last week), followed by another $20.8 billion wiping off on Friday. Adani Group’s seven listed stocks recorded an erosion of Rs 1,53,502.39 crore in market capitalization in Monday’s session.

The 60-year-old billionaire’s wealth has wiped out the most in the global top 500 list of richest people, this year in 2023, which is ironic because the Ahmedabad-based Indian tycoon was the biggest wealth gainer in 2022, adding around $40 billion to hit enormous kitty.

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  • P Y @P Y
    I was anticipating Adani Rout in Oct 22 where I read an article about its unnatural growth, but it took a few more months.
    Like 0
  • Panchal Vishal @Panchal Vishal
    they are making money by creating short position
    Like 0
  • manish sharma @manish sharma
    All Thanks, to this nonsence US firm Hindenburg Research LLC for creating havoc around the world to earn fortune on other's grave.
    Like 1
    • Devashish Narula @Devashish Narula
      How is the report not making sense to you?
      Like 2

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