Billionaire industrialist Gautam Adani loses the seat of Asia’s second richest person. Thebusiness tycoon’s net worth fell by almost $14 billion in the last four days after the market capitalisation of Adani Group’s six listed firms fell sharply.
Shares of Adani Enterprises, Adani Power, Adani Total Gas, Adani Transmission, Adani Ports and Adani Green Energy started falling on Monday after a report indicated that accounts of three foreign funds with major stakes in the group’s four listed firms had been frozen by the National Securities Depository Limited.
Adani’s net worth fell to $62.3 billion, according to the Forbes Real-Time Billionaires list, which tracks the wealth of the world’s richest people. At the beginning of the week, Adani’s net worth was just above $77 billion.
It came as a huge blow to Adani, given the dream run his companies have enjoyed in 2020 and 2021. The meteoric rise of his companies on the stock market led many to believe that he would soon become Asia’s richest man.
However, Adani has now lost his position to Chinese tycoon Zhong Shanshan, who has again occupied the second spot behind Asia’s richest man Mukesh Ambani, chairman of Reliance Industries Limited.
