Adani Loses Rs 1000000000000 In 4 Days!

In just a span of 20 days, Gautam Adani, who witnessed the triumph with his continued rise in the market capitalisation of the Adani Group companies lost his spot as Asia’s second-richest person. In May, Adani was announced as the second richest Asian and fourteenth richest businessman in the world with a net worth of $66.5 billion.

But the billionaire industrialist is no longer Asia’s second-richest person, following a sharp decline in his net worth this week. He has a net worth reportedly fallen to $63 billion, from $77 billion-plus at the beginning of this week. This means, in a matter of 4 days, Gautam Adani lost approx $14 billion (approx Rs 1038394700000.00) from his net worth. Ergo, Chinese billionaire Zhong Shanshan has reclaimed his position as Asia’s second-richest man.

The top position has Reliance Industries Chairman Mukesh Ambani for many years. Gautam Adani’s lost networth comes as shock because many financial pundits have predicted that he would sooner or later would give a tight competition to earn the top position, citing the performance of his six listed companies on the stock market. Adani’s net worth increased rapidly after the meteoric rise of his port-to-power businesses from 2020, propelling their market capitalisation.

Back in April this year, the Adani Group became the third conglomerate in the country to cross a market capitalisation of $100 billion by growing manifold. But the sudden blow was seen in the market capitalisation of all his listed companies after the National Securities Depository Limited ahs allegedly froze three FPI accounts that held major stakes in four listed firms of the conglomerate. But soon after, Adani Enterprises released a statement by rejecting claims of NSDL freezing the foreign funds. Now with the setback, Adani becoming the richest man in Asia seems bleak and under par.