Gautam Adani Sinks to 29th Position on Global Rich List, Over $70 Bn Eroded

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Gautam Adani Sinks to 29th Position on Global Rich List, Over $70 Bn Eroded
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Industrial mogul and chairperson of the ports-to-power conglomerate Adani Group, Gautam Adani is no longer among the top 20 or the top 25 richest billionaires in the world, as a continuous incessant sell-off across its listed stocks has wiped out over $70 billion from the billionaire’s net worth in not even a month.

The Indian business tycoon’s rank on the Bloomberg Billionaires Index has sunk to the 29th position with a net worth of $42.7 billion (latest), eroding $77.9 billion so far in 2023.

In September 2022, Adani’s net worth flourished to $150 billion, which has been slashing continuously since the release of Hindenburg Research’s 106-page report on Jan 24, 2023, that alleged Adani Group to be engaged in a brazen stock manipulation and accounting fraud scheme over decades.

All the 10 listed stocks of India’s second-largest conglomerate have been witnessing a non-stop bloodbath, erasing more than Rs 11 lakh crore from the companies’ combined market capitalisation.

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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  • Rohit Thomas @Rohit Thomas
    He, Elon Musk zoomed-2020-22. 1 crashed by 200 Billion Dollars in 2022-has regained about 70 Billion Dollars as he's quite innovative too though at times, gets distracted with his stupidities as Twitter & so on showed. Adani fell. Can he fix the debts? If so, he can rise back. Else like Anil Ambani
    Like 1
  • Radhe Radhe @Radhe Radhe
    ye 29 bhi galt hai actual 99 ho jayegi ye out .....India me scam karnewal sub se bada Don bole to adani & his sleeping partners (amitji+modiji)
    Like 4
  • Atul Kalsait @Atul Kalsait
    esne Bharat ko becha hai
    Like 3
    • nitin parmar @nitin parmar
      isne nahi bjp+rss ne desh ki properties inko bechi he ...jo income desh ki thi woh party funds k liye adani ko bech mari....
      Like 1

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  • Ranjit Kumar Jain @Ranjit Kumar Jain
    Modi hai to Mumkin hai
    Like 4
    • Atul Kalsait @Atul Kalsait
      modi or adani
      Like 0

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  • kish tapi @kish tapi
    he is still in global list is worrisome for India but for how he was allowed to manage.
    Like 1

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