Gautam Adani has dropped out of the top ten richest persons in the world and may soon be surpassed as Asia’s wealthiest person if shares in his business continue to fall.
The Indian tycoon has dropped from fourth to eleventh position on the Bloomberg Billionaires Index, losing $34 billion in three trading days.
With an estimated net worth of $84.4 billion, Adani now ranks only one position above competitor and Reliance Industries Ltd. chairman Mukesh Ambani, who has an estimated net value of $82.2 billion.
Following the publication of a study by Hindenburg Research claiming “brazen stock manipulation and accounting fraud,” shares of Adani Group firms have fallen in a three-day selloff that has destroyed more than $68 billion in market value.
On the Billionaires Index, Adani currently ranks below Mexico’s Carlos Slim, Google co-founder Sergey Brin, and former Microsoft CEO Steve Ballmer.