- Tuesday, March 04, 2025
By: Shubham Ghosh
The net worth of Indian billionaire Gautam Adani on Monday (20) dropped below $50 billion (£41.5 billion), revealed updated data on the Bloomberg Billionaires Index.
The businessman’s total fortune was reported at $49.1 billion (£40.8 billion).
It was only a month ago that the industrialist’s net worth stood around $120 billion (£99.8 billion), making him the richest man in Asia and the third richest in the world.
But after US-based short-seller Hindenburg Research unveiled a scathing report on the Adani Group led by the tycoon, things witnessed a drastic change. It said the Indian company engaged in stock manipulation and accounting fraud scheme over the last few decades.
Adani’s current ranking also plunged to 25th worldwide.
The report sent ripples across the Indian stock market. The market valuation of the conglomerate’s listed companies were ripped through. Seven Adani Group companies lost a total market valuation of $120 billion.
The Adani Group has dismissed the allegations made by the Hindenburg report but it raised concerns among investors and financial institutions, leading to a fall in the share prices of its listed firms.
The Adani incident has also rocked India’s political circles with the opposition accusing India’s Narendra Modi government of shielding the businessman.
