Gautam Adani had the appearance of having weathered the greatest broadside yet to his thriving empire. He was heading into a vacation in India as the fourth-richest person in the world and had dismissed a brief list as being “stale” and “baseless.”
Then, on Friday, the markets in India reopened, and it became immediately evident that Hindenburg Research, a small company based in New York, had breached the defences of the huge Adani Group, a multinational corporation located on the other side of the planet.
Shares and bonds issued by the various Adani businesses experienced losses. Then plummeted some more. In the end, units such as Adani Green Energy and Adani Total Gas dropped by the daily limit of 20%, resulting in devastating losses after years of increases that beyond those seen anywhere else in the world.
Based on the Bloomberg Billionaires Index, Adani ended up losing more than $20 billion in wealth as a result of the group’s loss of more than $50 billion in market value that occurred in just over 6 hours of trading in Mumbai. This represents approximately one-fifth of his total fortune. It was the largest loss of wealth that he had ever experienced and the sharpest market-fueled drop in history for anyone in Asia since Bloomberg began tracking the wealth of the world’s richest a decade ago. It was a shocking setback to a man who in recent years had soared up the career ladder of the world’s super-rich at a seemingly invincible pace.
Adani as the 7th richest person in the world
Adani has joined the ranks of some of the wealthiest persons in the world in experiencing significant one-day reductions in their wealth. .
Even after Friday’s loss, which was the 4th market-driven fall in the historical past of the Bloomberg wealth index, Adani, who is 60 years old, still controls a total wealth of $92.7 billion. This is even after the loss that occurred on Friday. He is now the seventh richest person in the world, placing him below Bill Gates and Warren Buffett in that ranking.