Gautam Adani’s wealth fell over 60% from his peak post Hindenburg report, says Hurun India

Gautam Adani's wealth fell over 60%

According to information from the M3M Hurun World Rich List 2023 published on Wednesday, Adani Group Chairman Gautam Adani lost 3,000 crore every week over the previous year as his worth decreased to $53 billion.

While the Adani Group took the brunt of the Hindenburg report, Gautam Adani dropped from second richest billionaire in the world to number 23. Following the claim by short seller Hindenburg, Adani’s worth fell by more than 60% in January.

According to M3M Hurun World Rich List 2023, his net worth has dropped by 35% over the past year and is currently at $53 billion.

Gautam Adani, the head of the Adani Group, was beaten by China’s Zhong Shanshan for the title of second-richest Asian.

“Gautam Adani & family, 60, of the Adani Group lost the title of second richest Asians to Zhong Shanshan of YST due to a 35% fall in fortune. Following a report by American short-seller Hindenburg in January, Adani saw a more than 60% decline in his fortune from his high. Adani briefly had the title of second-richest person in the world just before the report “The Hurun India stated.

The Adani Group has refuted the allegations made in the Hindenburg report that it committed in blatant stock manipulation, an accounting fraud scheme, unlawful use of offshore tax havens, and raised worries about the group’s excessive debt.

With a net worth of $53 billion, Mukesh Ambani led the list of Indian billionaires, followed by Gautam Adani. Third place went to Cyrus Poonawalla, whose wealth was $28 billion. Lakshmi Mittal is in fifth place with $20 billion, followed by Shiv Nadar and his family in fourth place with $27 billion.

Adani lost $28 billion in total and ceded his title of richest man in India to Mukesh Ambani, chairman of Reliance Industries, who is thought to be worth $82 billion. According to the survey, Ambani is the only Indian among the top 10 billionaires in the world.

Jeff Bezos, the founder of Amazon, has lost the most money in the past year. The billionaire creator has lost more money personally than Ambani and Adani combined, totaling $70 billion.