Embattled Indian businessman Gautam Adani has lost his position in the elite club of the world’s 10 richest billionaires, having lost $36 billion of his wealth so far in January following a rout in company share prices in the aftermath of a scathing report by US-based short-seller Hindenburg Research.
The 60-year-old Ahmedabad-based Indian tycoon is now in the 11th slot in the rich list with a wealth of $84.4 billion, according to Bloomberg Billionaires Index.
Bernard Arnault with $189 billion remains the richest person on the earth.
Adani has seen the biggest wealth drop so far in 2023 among the world’s top 500 richest men and women.
Adani net worth
The chairman of the mining-to-airport Adani Group saw his net worth decline by $8.21 billion in the last 24 hours, and he has lost $36.1 billion year-to-date, as per the Bloomberg data.
Incidentally, Adani had been the biggest wealth gainer in 2022 with an annual gain of around $40 billion.
However, the college dropout still remains the richest Indian, with Reliance Industries Chairman Mukesh Ambani just behind him at No.12.
Meanwhile, the sell-off in Adani Group shares continued on Tuesday as Asia’s richest man seeks to complete a $2.5 billion equity sale by its flagship firm – Adani Enterprises – amid the turmoil triggered by the Hindenburg Research report.
Adani Total Gas Ltd. plunged by 10 percent daily limit to lead losses in most of the group’s stocks.
Share price of flagship Adani Enterprises, however, was up about three percent in the morning trading in Mumbai but remained below the floor price set for its follow-on public offer (FPO) share sale.
Ten of the conglomerate’s companies have seen about $75 billion in market value erased as the rout entered a fourth session.
Overall subscription for the equity offering, largest of its kind in India, stood at just 3 percent as of end Monday, signaling that demand likely took a hit due to allegations from Hindenburg Research that the Indian conglomerate used a web of companies in tax havens to inflate revenue and stock prices as debt piled up.
This has led some analysts following the share sale to be skeptical about whether there will be enough demand under the current terms, even after a $400 million investment from International Holding Co. IHC.
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