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Business News/ News / India/  Gautam Adani's wealth fell over 60% from his peak post Hindenburg report, says Hurun India
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Gautam Adani's wealth fell over 60% from his peak post Hindenburg report, says Hurun India

Adani's wealth nosedived by more than 60 per cent in January after a report by short seller Hindenburg Research alleged the group of ‘fraud’.

Indian billionaire Gautam Adani. (REUTERS)Premium
Indian billionaire Gautam Adani. (REUTERS)

Adani Group chairman Gautam Adani suffered a loss of 3,00 crore every week over the last year as his wealth came down to $53 billion, according to data from M3M Hurun Global Rich List 2023 released on Wednesday.

Gautam Adani slipped from the position of world's second richest billionaire to the 23 position as the Adani Group bore the brunt of Hindenburg report. Adani's wealth nosedived by more than 60 per cent in January after the report by short seller Hindenburg.

His net worth over the past one year declined by 35 per cent, and is now standing at $53 billion, according to M3M Hurun Global Rich List 2023.

Adani Group's chairman Gautam Adani lost the second richest Asian title to China's Zhong Shanshan. 

"With a 35% decrease in wealth, Gautam Adani & family, 60, of Adani Group lost the second richest Asian title to Zhong Shanshan of YST. After a report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60% from his peak. Just before the report, Adani was briefly the world’s second richest person.," said the Hurun India.

The Hindenburg report alleged the Adani Group had engaged in brazen stock manipulation and accounting fraud scheme, improper use of offshore tax havens, and flagged concerns about the group's high debt – claims that the conglomerate has denied.

Mukesh Ambani ranked first, followed by Gautam Adani with a net worth of $53 billion among Indian billionaires. Cyrus Poonawalla stood third with a net worth of $28 billion. Shiv Nadar and their family is fourth with $27 billion and Lakshmi Mittal is fifth with $20 billion.

With a net loss of $28 billion, Adani also gave away his status as India's richest individual to Reliance Industries Chairman Mukesh Ambani whose net worth is estimated at $82 billion. Ambani is the only Indian among world's top 10 billionaires, showed the report.

Amazon founder Jeff Bezos has lost most wealth in dollar terms over the last year. The billionaire founder has lost $70 billion in personal wealth, which is greater than the combined loss suffered by Ambani and Adani.

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Published: 22 Mar 2023, 03:13 PM IST
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