Gautam Adani is no longer the richest man in Asia
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Indian billionaire, founder of the Indian conglomerate Adani Group Gautam Adani today, February 1, lost first place in the ranking of the richest people in Asia. Now his condition is estimated Bloomberg, less than that of another Indian billionaire, Mukesh Ambani. Due to the continued fall in the value of the shares of all public companies, Gautam Adani has reduced his fortune to $72 billion, while Mukesh Ambani’s fortune is estimated at $81 billion.
Note that in September last year, Gautam Adani rose to the second line of the list of the wealthiest people in the world according to Bloomberg, but yesterday, January 31, he left the top 10 of this rating.
The fall in the shares of the 60-year-old Adani’s business empire was provoked by the publication on January 24 of an investigation conducted by the company Hindenburg Research. It states that “Adani Group has been involved in brazen stock manipulation and reporting fraud schemes for decades.” Hindenburg Research questioned the “sky-high valuation” of the group’s companies and said the conglomerate actually has “substantial debts”.
The billionaire himself denies these accusations, however, after the publication of the investigation, the market capitalization of the companies included in his business empire, decreased more than $90 billion.
The fortune of Mr. Adani himself decreased by $36 billion in January, which exceeds the losses of other billionaires included in the Bloomberg rating. The fall in Adani Group shares dragged along the shares of other companies in the Indian market. Thus, the closest rival of Gautam Adani, Mukesh Ambani, has lost $5.6 billion since the beginning of the year, ranking second in the world in terms of personal wealth reduction after Mr. Adani. Billionaires Radhakishan Damani, founder of the DMart supermarket chain, and Ravi Jaipuria, head of RJ Corp., also suffered significant losses.
How Gautam Adani became one of the three richest people on the planet in less than a year – in the material “Kommersant” “Catch up with $60 billion”.
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