NEW DELHI: Adani Group promoter Gautam Adani is no longer Asia’s second richest billionaire.
The business tycoon has lost over $12 billion in just four days after his group company stocks ended in the red for the fourth straight day on Thursday.
Adani’s net worth (notional) has come down to $62.7 billion from $74.9 billion at the beginning of this week, according to Forbes Real time Billionaires index.
As a result, Chinese billionaire and pharmaceutical magnet Zhong Shanshan has reclaimed his position of Asia’s second richest man after Reliance Industries Chairman Mukesh Ambani.
Shanshan’s wealth stood at $68.9 billion while Ambani’s was at $85.6 billion in the rich list.
After Adani had dethroned Shanshan in the rich list last month, many predicted he would take over 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.
Adani’s ranking in the rich list has also fallen from 16th on Wednesday to 18th on Thursday. If group company stock prices continue to depreciate in the same manner, he might even lose his spot in the top 20 list.
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.