Gautam Adani No Longer in Top 3 Global Rich List, Slides to 7th: Wealth Eroded?
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 three wealthiest billionaires in the world.
The recent intense sell-off across the listed stocks of Adani Group has pushed Gautam Adani’s position in the Bloomberg Billionaires Index from third place to seventh, as of Monday, Jan 30.
The business tycoon’s cumulative wealth has been eroded by $20.8 billion to $92.7 billion while plummeting by nearly $28 billion so far this year.
The US investment research firm Hindenburg Research LLC released a 2-year investigation report on India’s second-largest conglomerate, alleging Adani Group to be engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
The Indian billionaire’s wealth nosedived by $6 billion on Wednesday, 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.
Read More: Adani Group Update: Aggressive Swings Upto 20%, 4/10 Stocks Hit Lower Circuits
Gautam Adani had overtaken the founder of Amazon (NASDAQ:AMZN), Jeff Bezos in Sept 2022, becoming the second richest person in the world, later retaining his position as the third-richest.
However, the three-day selling rout across Adani stocks has now pushed the chairperson of India’s India’s second-largest conglomerate to the seventh position.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or