Get All Access for $5/mo

Gautam Adani Lost $13 bn Fortune In Past Week, Loses 2nd Richest Asian Spot As per Bloomberg Billionaires Index, losing $13.2 billion has plummeted Adani's fortune to $63.5 billion, resulting in Chinese billionaire Zhong Shanshan claiming the second richest Asian spot

By Debarghya Sil

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Adani.com
Gautam Adani, chairman of Adani Group

Indian business tycoon Gautam Adani, who used to hold the title of the second richest man in Asia after Mukesh Ambani, has lost over $13 billion this week, the most anyone has lost in the last seven days. As per Bloomberg Billionaires Index, losing $13.2 billion has plummeted his personal fortune to $63.5 billion, resulting in Chinese billionaire Zhong Shanshan who sells bottled water to claim the second richest Asian spot. A few days back it seemed that Adani was closing the gap with Ambani in terms of personal fortune.

Adani has in the last three days alone lost a fortune worth $9 billion itself in the last three days following media reports that claimed that the National Security Depository Limited (NSDL) froze accounts of three Mauritius-based funds which own stocks worth $6 billion due to insufficient information on the owners. Post the news, shares of Adani Green Energy slipped 7.7 per cent this week whereas Adani Ports & Special Economic Zone dropped to 23 per cent in four days. Adani Total Gas, Adani Transmission and Adani Power plunged to 18 per cent, on the other hand, Adani Enterprises share slipped by almost 15 per cent.

The Adani Group has called the media reports false and said it was done to deliberately misled the investing community. "This is causing irreparable loss of economic value to the investors at large and reputation of the group," the statement read.

NSDL has also come up with a clarification and rejected the news of freezing accounts of three foreign investors. However, the stocks of the company continued to trade weaker.

Earlier this year, Adani Group became the fourth Indian company after Mukesh Ambani-led Reliance Industries, HDFC Group and Ratan Tata-led Tata Group to cross $100 billion in market cap.

Debarghya Sil

Entrepreneur Staff

Former Correspondent

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

growX Ventures Launches Fund II with a Target Corpus of INR 400 Cr

Fund II aims to target early-stage and growth-stage investments, backing 20–24 startups in deeptech sectors. It plans to deploy INR 10 crore in seed and INR 20–30 crore in Series B rounds.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

News and Trends

Indian Venture Ecosystem Poised for Global Ascent: Recovery, IPO Resurgence, and 'Building for Bharat' to Define 2025

India's GDP is poised to scale from USD 4 trillion to USD 8 trillion over the next decade and will offer a playground that is remarkable for both founders and venture capital (VC) firms, said Pranav Pai, Founding Partner and CIO at 3one4 Capital.

News and Trends

Key Cybersecurity Trends to Track as Threats Evolve

India has lost INR 11,333 crore to cyber fraud in just the first nine months of 2024. Nevertheless, with increasing cyber threats and public awareness, companies are taking proactive steps to safeguard their networks and devices.

News and Trends

Uber Launches Moto Women in Bengaluru, Connecting Female Riders with Female Drivers

Uber Moto Women aims to ensure safety with real-time trip sharing, anonymised contact details, and RideCheck monitoring for irregularities. It also offers 24x7 priority support via Uber's Safety Helpline for women riders and drivers.