Asia's and India's richest billionaire- Gautam Adani's fortune fell sharply on Friday and his ranking in the global rich list came down to the seventh spot on Friday.
According to the Forbes Real Times Billionaire Index, Adani's wealth tumbled by over $22.5 billion to $96.8 billion during the day. Adani is now placed below Microsoft founder Bill Gates whose fortune was estimated at $104.1 billion on the rich list.
Adani had scaled to 2nd position in the rich list last year when Group Stock prices witnessed a big rally. He remained at 3rd position for a long time and was recently replaced by Amazon founder Jeff Bezos ($ 122 billion). Bernard Arnault (Louis Vitton) and family dominate the rich list with a fortune of $216.1 billion followed by Elon Musk (Tesla, SpaceX, Twitter) whose net worth was last pegged at $170.1 billion.
Adani's business rival and RIL chairman Mukesh Ambani was at 11th spot in the rich list with a fortune of $83.6 billion.Gautam Adani’s fall in the wealth list comes after the share prices of Adani Group companies fell up to 20% on Friday as the spat between the Adani Group and US-based activist investor firm Hindenburg Research intensified on Thursday. Further, Adani's point-by-point rebuttal of Hindenburg's questions seems to have not provided much relief to Group’s listed stocks. (THE NEW INDIAN EXPRESS)