Gautam Adani loses $12 billion in four days; no longer Asia’s second richest man

Team Udayavani, Jun 18, 2021, 1:18 PM IST

Credit: Reuters photo

New Delhi: Billionaire industrialist Gautam Adani is no longer Asia’s second richest billionaire following a plunge in the Adani group company stocks.

In the last four days, Adani has lost over $12 billion and according to Bloomberg Billionaires Index, the business tycoon has lost more money this week than anyone else globally.

Zhong Shanshan, the Chinese billionaire who made a fortune by selling bottled water, has reclaimed his position of Asia’s second richest man after Reliance Industries Chairman Mukesh Ambani.

As per Forbes Real time Billionaires index, Adani’s net worth (notional) has come down to $62.7 billion from $74.9 billion at the beginning of this week, while
Shanshan’s wealth stood at $68.9 billion while Ambani’s was at $85.6 billion in the rich list.

Earlier in May Adani displaced Shanshan to become the second-richest manin Asia and was predicted to dethrone Mukesh Ambani in no time. Adani’s wealth, after all, has grown faster than any billionaire in the world this year due to meteoric rise in the share prices of his port-to-power businesses.

The group stocks fell 9-22% after a media report on Monday said the National Securities Depository had frozen accounts of three Mauritius-based FPIs, which own shares worth over Rs 43,500 crore in four Adani firms.