NEW DELHI: Gautam Adani’s net wealth has now come below the $50 billion mark as Adani Group stock prices fell for another session on Monday. His wealth has now fallen by about $100 billion from the peak level last year when the billionaire had become the world’s second richest individual.
Adani’s notional wealth on Monday was pegged at $47.8 billion, placing him at the 25th spot in the Forbes Real-Time Billionaires list. The Bloomberg Billionaires Index estimates he is worth $49.1 billion and that he has lost $71.5 billion so far in the calendar year 2023.
The sharp dip in Adani’s fortune comes as Adani Group stocks have plunged by up to 76% since the US-based short seller Hindenburg Research on January 24 accused them of stock price manipulation and lapses in corporate governance among other things.
Adani has also lost the position of being India’s and Asia’s richest man. He’s now behind Reliance’s Mukesh Ambani whose wealth is worth $85 billion.
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The selling pressure seen across Adani stock is so intense that the cumulative market capitalisation of Adani Group’s 10 listed entities fell below the $100 billion mark in intraday trade on Monday. In the past month, the Group’s m-cap has fallen by about $130 billion.
Among the listed stocks, Adani Total Gas has been the most impacted, with its share price falling 76% in the last 18 trading sessions, from ₹3,892 on January 24 to ₹925 today. Flagship Adani Enterprises shares have fallen nearly 53%, while Adani Transmission and Adani Green Energy crashed about 69% each.