India business tycoon Gautam Adani continued to feel the heat of the report published by Hindenburg Research, who accused the group of manipulation and fraud.
Adani at the end of 2022 maintained third position in the billionaire index, but since the beginning of 2023, his wealth has plummeted by $36.1bn, moving him from the top five positions to eleventh in the latest ranking on Tuesday.
The defect in the stocks of India’s largest biggest conglomerate has furthered cost the country, as the country loses its spot among the world’s five biggest equity markets.
Adani’s shares started suffering setbacks last week after the release of Hindenburg Research.
Despite the group’s insistence to continue with the planned shares sales, the group fortune further fell by $8.21bn to $84.4bn on Tuesday.
Despite being the highest gainers in 2022, Adani has now joined the league of the biggest losers following the quick fall in his shares.
Elon Musk remains the only billionaire to break the record for the biggest loss in history after losing $182bn from his net worth since 2021.