Adani Group chief Gautam Adani, who has lost more money this week than anyone else in the world, with his net worth tumbling by about $13.2 billion to $63.5 billion, lost something else too.
A month after being ranked as Asia's second-richest person after Mukesh Ambani, Gautam Adani lost the coveted title to Zhong Shanshan, the Chinese billionaire who made a fortune by selling bottled water.
In the last three days, the 58-year-old lost $9 billion.
The market capitalisation of the Adani-led ports-to-energy conglomerate's six listed entities fell by Rs 1.59 trillion on Thursday alone. Adani Power, Adani Total Gas, and Adani Transmission all stuck to their five percent lower circuits on the day for four trading sessions in a row. This week, the six group stocks are down between 9 percent and 22 percent.
Adani Ports and Adani Enterprises tumbled 8.5 percent and 5.6 percent respectively, while Adani Green Energy fell the least at 4.95 percent.
According to financial pundits, the sharp dip in his net worth comes after several reports claimed that the National Securities Depository Limited (NSDL) froze the accounts of three Mauritius-based funds owing to insufficient information on the owners.
The Adani Group rejected the reports as "blatantly erroneous". “We regret to mention that these reports are blatantly erroneous and are done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group,” the group said in a statement.
Subsequently, the NSDL also came out with a statement dismissing any such move. However, stocks of the group’s listed firms continued to trade weaker.
According to Bloomberg data, on May 21, 2021, Gautam Adani became the second richest Asian after Ambani. Back then, his net worth was estimated at $66.5 billion.
Earlier this year, the group had become the fourth Indian business conglomerate to cross $100 billion in market cap — after Tata Group, HDFC Group, and Mukesh Ambani-led Reliance Group.