Adani has lost £39.6 billion so far this year.
According to the Bloomberg Billionaires Index, Mukesh Ambani has reclaimed the title of the richest person in Asia with a net worth of £66 billion – knocking Gautam Adani from the top spot.
The Reliance Industries chairman’s return to the top comes as Gautam Adani’s net worth has been significantly reduced.
Adani’s downfall came as a result of a study published by US-based short seller Hindenburg Research, accusing Adani of fraud and stock manipulation.
Adani is now rated 13th on the global index with a net worth of £58.8 billion, one position behind Mukesh Ambani.
Adani was the third richest person in the world on January 17, 2023, a day before Hindenburg Research released its study, with a net worth of £101 billion.
His wealth has now decreased by around £42 billion.
The Indian billionaire has moved from being the richest person on Bloomberg’s wealthy list in 2022 to be the weakest this year.
According to estimates from Bloomberg, Adani has lost £39.6 billion so far this year.
Adani’s enterprises have lost £73 billion in market value since Hindenburg Research published its analysis, wiping millions off the company’s wealth.
Adani was accused of accounting fraud and stock manipulation in the Hindenburg investigation.
Additionally, alleged dubious deals by Adani’s brother are in the limelight of fraudulent claims.
According to the investigation, Vinod Adani, the brother of Gautam Adani, oversees a “labyrinth” of shell corporations.
It also claimed that the Indian corporation was using offshore tax havens inappropriately, and it raised concerns about the group’s mounting debt.
It claimed that shares in seven Adani-listed firms have an extra 85% downside due to what it dubbed “sky-high valuation.”
The Adani Group has vehemently denied the accusations and declared them to be false.
Despite reclaiming the title of Asia’s richest person, Mukesh Ambani also suffered a decline in his net worth in 2023.
According to Bloomberg, Ambani’s net worth has decreased by £4.9 billion so far this year.
With a net worth of £156 billion, Bernard Arnault of French luxury fashion company LVMH stands at the top of the list.
He surpassed Elon Musk to become the richest person in the world in December 2022.
Currently, Tesla boss Musk has a £138 billion net worth.
These numbers, however, are continually changing.
Adani’s fortune is anticipated to increase if he sees a gain in his shares of Adani Group.
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