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

Gautam Adani No Longer in Top 3 Global Rich List, Slides to 7th: Wealth Eroded?
Credit: © Reuters.

By Malvika Gurung -- 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.

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