Gautam Adani’s net worth slides; No longer Asia’s 2nd richest person | Business Upturn

Gautam Adani’s net worth slides; No longer Asia’s 2nd richest person

Billionaire industrialist Gautam Adani is no longer Asia’s second richest person. His net worth has declined sharply from the beginning of the week after shares of Adani Group’s listed firm fell on the stock market.


Gautam Adani no longer holds the spot of Asia’s second-richest on the Bloomberg Billionaires Index due to a rout in stocks of his group companies after media reports said the account of top three offshore investors in Adani group companies were frozen due to lack of information on owners.

According to Bloomberg, the Chairman and founder of Adani Group lost more money this week than anyone else on the planet. The 58-year-old is now worth $63.5 billion down by $13.2 billion this week. Adani now trails China’s bottled-water king Zhong Shanshan by $1.8 billion. Mukesh Ambani, at $84.5 billion continues to hold the top spot on the list in Asia.

On Thursday alone the market capitalisation of the six listed companies of the Adani-led ports-to-energy conglomerate tumbled by Rs 1.59 lakh crore. For four consecutive trading sessions, Adani Power, Adani Total Gas, and Adani Transmission hit 5% lower circuits on the day. The six group stocks are down between 9%-22% this week after media reports said top foreign portfolio investors (FPIs) have been frozen. The three FPIs collectively own over Rs 43,500 crore worth of stock in Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas. However, the same was clarified by the company, NSDL and investors to be not true.


However, according to NSDL data as of May 31, there was an “account level freeze” on Albula Investment Fund, Cresta Fund, and APMS Investment Fund —all Mauritius-based FPIs which have a significant stake in Adani group stocks.

Adani Group on Tuesday discussed an NSDL communication which said the demat accounts of three FPIs are ‘active’ but remain in ‘suspended for debit’ status.

Stocks of Adani group had a dream run of 335 per cent upmove to Rs 1,625.8 on June 11 from Rs 374.9 on January 1, 2021, made Gautam Adani the fastest wealth creator on the planet so far in 2021. Adani, until the previous week, had added $43 billion to his personal wealth due to rapid appreciation in the group’s market value.