What is Adani Group's North Korea connection?

Gautam Adani slips out of list of world’s top 10 richest people

Having lost $36 billion of his wealth so far in January following a plunge in company share prices in the wake of the Hindenburg report, Gautam Adani has now lost his position in the elite club of the top 10 billionaires in the world

The 60-year-old Indian tycoon based in Ahmedabad now ranks 11th on the rich list with a wealth of $84.4 billion, the Bloomberg Billionaires Index shows.

On the list of the world’s 500 richest people of all genders, Adani has seen the biggest drop so far in the calendar year 2023.

Incidentally, Adani had been the most significant wealth earner in 2022 with an annual profit of around $40 billion. He now seems to have lost all the gains he saw in his personal wealth last year.

Since New York-based short seller Hindenburg Research released a 32,000-word report last week alleging various frauds, malpractices and stock manipulation, Adani has been losing billions of dollars every trading day.

Bloomberg data shows that Adani has lost $34 billion in the last three trading sessions as companies in his group have wiped out more than a quarter of their market capitalization.

Meanwhile, the sell-off in Adani Group shares continued on Tuesday, as Asia’s richest man looks to complete a $2.5 billion share sale by his flagship firm amid seller-sparked turmoil in short Hindenburg Research.

Adani Total Gas Ltd. plunged by a daily cap of 10% to lead losses in most of the group’s shares. Flagship Adani Enterprises Ltd. rose about 2% in early trading in Mumbai, but remained below the minimum price set for its follow-on share sale.

Ten of the conglomerate’s companies have seen some $75 billion in market value wiped out as the defeat entered its fourth session.

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