Gautam Adani No Longer India’s Richest As $40Bn Wealth Erodes: Heat Extends
By Malvika Gurung
Investing.com -- Industrial mogul and chairperson of the ports-to-power conglomerate Adani Group, Gautam Adani is no longer the richest man in India, as a continuous incessant sell-off across its listed stocks wiped out almost one-third of the conglomerate’s market valuation.
In only five trading sessions, Gautam Adani’s position has tumbled to 15th rank on the global rich list, according to Forbes data.
On the contrary, the Chairman & MD of Reliance Industries (NS: RELI ), Mukesh Ambani has reclaimed his position as the richest man in India, ranking 9th on the Forbes billionaires list.
The total market capitalization of all the listed Adani Group stocks has eroded by nearly Rs 7.5 lakh crore in the past five sessions, with Rs 2 lakh crore wiped out on Wednesday alone.
According to Forbes data, the Indian business tycoon Gautam Adani’s personal fortune has been slashed by over $40 billion in the ongoing stocks’ rout, with his net worth now estimated at $75.1 billion, compared to Mukesh Ambani’s net worth of $83.7 billion.
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.
Read Also: Adani Enterprises (NS: ADEL ) Nosedives 30% on Feb 1: What Triggered the Crash?
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