The Indian tycoon has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days.
With a current fortune of $84.4 billion, Adani now sits just one spot above rival and Reliance Industries Ltd. chairman Mukesh Ambani, whose net worth is $82.2 billion.
Shares of Adani Group companies have plummeted in a three-day selloff that has erased more than $68 billion of market value, following the publication of a report by Hindenburg Research alleging “brazen stock manipulation and accounting fraud.”
Adani now languishes below Mexico’s Carlos Slim, Google co-founder Sergey Brin and former Microsoft CEO Steve Ballmer on the Billionaires Index.
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