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 Entrepreneur Staff

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

Entrepreneur Staff

Entrepreneur Staff


Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics


International Security Firm Welcomes Female India Native to an Essential Leadership Position

Yasmin Brar has been appointed as the Operations Strategy Director, a role that underscores the company's commitment to innovation, expansion, and strategic management

Science & Technology

How Can Marketers Use ChatGPT? Here Are the Top 11 Uses.

With the recent developments in AI and the popularity of ChatGPT, you may want to integrate AI into your marketing practices. Find out how.


5 Ways ChatGPT Will Impact Digital Marketing

ChatGPT is creating ripples across the digital landscape right now. Here are five ways it can benefit your ads, campaigns and marketing strategies.

Business Ideas

55 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.


Ola Introduces Krutrim, India's Own Multi-Lingual AI

Empowers Indians with complete AI computing stack, developed in India, for India.


The Deeptech Innovator: Aman Singh, Co-Founder & Head of Analytics, Intangles

Their next trigger of growth centres around expanding presence and offerings in the global market