Falling Fortunes of Indian Billionaires 

Gautam Adani lost $31 billion of his entire fortune due to Hindenburg's latest research report that alleges accounting fraud by his companies.

As per the IIFL Wealth Hurun India Rich List report, there was a time, ten years back, when Gautam Adani’s wealth was one-sixth of Mukesh Ambani’s wealth. Fast forward to 2023, Adani has not only surpassed Ambani & Jeff Bezos to become the 3rd richest man in the World as per Forbes magazine. Here are some surprising numbers on the sharp rise of Gautam Adani and his businesses. Last year, Mukesh Ambani was ahead of Gautam Adani by Rs 1 lakh crore, and at the beginning of this year, Adani is 3 lakh crore ahead of Mukesh Ambani.

By the end of 2020, Indian billionaire Mukesh Ambani was already out of the Bloomberg Billionaire Index, his overall net worth was $76.5 billion, down from $90 billion earlier in the year. The sharp drop in Ambani’s assets was due to the stuck Future group deal. As we all know, Amazon challenged Reliance’s deal with Future group, and because of this, Kishore Biyani could not sell its assets to Reliance.

Gautam Adani’s Falling Wealth

And now Indian billionaire Gautam Adani’s fortunes have seen a sharp fall. He was able to grab the 3rd position in the Global Billionaire list, but last week, Gautam Adani lost $31 billion, or approximately 24% of his entire fortune. This happened due to Hindenburg’s latest research report on Adani’s empire. They have declared him the largest con and claimed that his businesses are involved in stock manipulation and accounting fraud. The report also shared that the Adani family has used several shell companies for money laundering and stock manipulation.

Following the reports, there was a record-breaking sell-off of Adani’s company shares in the Indian stock market. Adani lost $31.2 billion in wealth within 3 days, and his rankings in the Bloomberg Billionaire’s list have gone down to seventh position.

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