Adani loses $ 19 billion in market bloodbath, slips from list of world’s 20 richest – The New Indian Express
NEW DELHI: Gautam Adani, promoter of the Adani group and India’s second richest billionaire, has lost his place in the world’s billionaire list after losing $ 18.8 billion in less than 20 days. Shares of companies in the Adani group have been on a slippery path since June 14.
Investors turned away from the action following a report that the National Securities Depository Limited (NSDL) froze the accounts of foreign investment firms that held stakes worth Rs 43,500 crore in Adani’s four listed companies – Adani Enterprises, Adani Green Energy, Adani Total Gas and Adani Transmission.
Adani’s notional wealth stood at $ 56.1 billion on Friday, up from $ 74.9 billion at the start of June 14, according to the Forbes Real time Billionaires Index.
As a result of this plunge, Adani slipped off the list of the world’s top 20 billionaires.
On Friday alone, Gautam Adani’s fortune fell by $ 3.7 billion after shares of 4 companies in the group fell about 5% each on BSE.
Right now, Adani is in 22nd place on the list and Ma Huateng, chairman of internet giant Tencent Holdings, passed him on Friday.
Meanwhile, the head of Relaince Industry Ltd, Mukesh Ambani, added $ 700 million to his fortune on Friday.
With 81.1 billion dollars, Ambani remains the richest billionaire in Asia.
The Adani group had called the reports of the freezing of accounts “glaring errors” and a deliberate attempt to mislead investors.