Gautam Adani’s net worth dips below $50 billion as Hindenburg report hits Adani Group's fortune

Billionaire Gautam Adani’s net worth dropped below $50 billion on Monday, showed updated data on the Bloomberg Billionaires Index. His total fortune now stands at $49.1 billion. The 60-year-old industrialist was the third wealthiest individual in the world a month ago when his net worth was close to $120 billion. After a small US short seller called Hindenburg Research published a damning report on the Adani Group, that dramatically altered.

The short seller's report caused havoc on the Indian stock market and destroyed the market value of the traded businesses belonging to the Adani Group. It should be mentioned that the market value of the seven key Adani Group companies lost a total of $120 billion.

Even though the Adani Group has denied the claims made by Hindenburg, the report has caused investors and financial organisations to express their worries, which has led to a continued decline in the share prices of its listed businesses.

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But this has had a significant effect on the industrial tycoon's personal fortune, which has decreased by $71 billion since the beginning of the year. Adani's wealth loss is therefore the most severe among the 500 wealthiest individuals on the Bloomberg Billionaires Index.

Adani's net worth is rapidly declining, and Mukesh Ambani, who is ranked 11th on the index with an estimated net worth of $83.6 billion, has supplanted him as Asia's wealthiest man. Given the steep decline in the valuation of listed business stocks, it might take some time before Gautam Adani can catch up to Ambani and regain the lead.

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• Adani Group
• Bloomberg Billionaires Index
• Gautam Adani
• Hindenburg
• Hindenburg row
• Mukesh Ambani