Gautam Adani, head of a business conglomerate spanning from ports to energy, has dropped out of the list of world’s top billionaires. They are no longer the richest Asians or Indians. His rival businessman Mukesh Ambani has once again become the richest person in India and Asia. Ambani had lagged behind Adani in April last year.
Adani, who was the world’s third-richest person in the Forbes billionaires list a week ago, slipped to the 15th spot on Wednesday. Shares of Adani Group companies continue to decline after the report of American short seller Hindenburg.
According to the Forbes website, Ambani is ranked 9th in the list with a net worth of US$83.7 billion. Adani’s wealth increased by $ 44 billion last year and his wealth has decreased rapidly in the last one week. He is currently ranked 15th in the list of global billionaires with a net worth of $75.1 billion.
Adani group companies have lost US$ 90 billion in the last one week. The Adani group has termed Hindenburg’s allegations as baseless. Shares of Adani Enterprises fell 26.70 percent on Wednesday. Adani Power lost 5 percent, Adani Total Gas 10 percent, Adani Port & SEZ 17.7 percent.