Gautam Adani No Longer India’s Richest As $40Bn Wealth Erodes: Heat Extends

Gautam Adani No Longer India’s Richest As $40Bn Wealth Erodes: Heat Extends

By Malvika Gurung -- 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?

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