Gautam Adani no longer Asia’s 2nd richest person, loses $9 billion in 3 days

New Delhi: Billionaire industrialist Gautam Adani has lost the title of the second richest person in Asia, only behind his Indian counterpart Reliance Industries Limited’s chief Mukesh Ambani. 

A sudden drop in the wealth of Adani came after the stock prices of many firms owned by him saw a plunge in their stock prices. 

Zhong Shanshan, the Chinese billionaire who made a fortune by selling bottled water, has now reclaimed the spot of the second-richest person in Asia.  

The reason behind the mayhem are reports pointing out that the National Securities Depository Limited (NSDL) froze three accounts of key foreign portfolio investors (FPIs) having a major stake in four listed firms under the Adani Group. 

In the past few days, Adani’s net worth has dropped to $63 billion. At the beginning of the ongoing week, his fortune stood at $77 billion, which means that the billionaire nearly lost $14 billion in just four days. In the last three days, he has lost $9 billion. 

Friday’s trading session could bring more shocks to 58-year-old Adani’s fortune. Also Read: Adani Group deploys resources for Covid fight, procures 48 oxygen carrying tanks

Notably, when Adani had become the second-richest person in Asia, many financial pundits were expecting that he might topple Ambani as well to become the richest man in the world’s largest continent. 

Overall, since the onset of the pandemic, Adani’s wealth has grown manifold. In April 2021, the Adani Group became only the third conglomerate in India with a market capitalisation of over $100 billion. 

Six publicly listed Adani Group companies were trading at record highs just before the mayhem. With the ongoing setback, the predictions of Adani becoming the richest man in Asia now appear far away from becoming a reality anytime soon. Also Read: Gold Price Today, 17 June 2021: Gold slips by Rs 900, cheaper by Rs 8600 from record highs