Localities 
28 February, 2023
The Downfall Of Adani: Slips To 25th Spot In Richest List
By Susmita Nath
$70 Billion Loss
Gautam Adani has seen his wealth slump by $70 billion so far this year, as per Bloomberg Billionaires index.
Big Dip:
This is the biggest year-to-date loss among 500 billionaires tracked by Bloomberg index
Slipping Ranks:
Gautam Adani has gone from being world’s second richest man to 25th position due to his current losses.
Net Worth :
The Adani Group Chairman’s net worth now stands at $49.1 billion.
Why?
Adani Stocks have tanked after US based short-seller Hindenburg accused the conglomerate of accounting fraud and manipulation.
Shares On Rout:
Following Hindenburg’s report, Adani Group stocks have consistently seen falls.
Nosediving Market Caps:
The port-to-power conglomerate has lost nearly $130 billion in market cap.
Gap with Ambani :
With Adani’s loss, Mukesh Ambani has now become the richest Indian and occupies 11th spot.