3,000 Crores Lost Every Week; Yet Adani Is The Third Largest Energy Player

Adani Group Chairman Gautam Adani is facing a backlash after the Hindenburg attack. But even before Hindenburg’s arrival, Hurun signaled that Adani’s fortunes had started to decline. 35 percent decline in wealth in one year. Gautam Adani’s net worth has now reduced to $53 billion. Adani lost Rs 3,000 crore every week last year, according to Hurun Rich List. With this, Adani lost the title of the richest man in India and Asia. In January, Adani’s fortunes fell more than 60 percent from their peak following a report by US short-seller Hindenburg. Just before the report, Adani was the world’s second-richest.

On January 24, Hindenburg Research came forward accusing Adani Group companies of manipulation of share prices and accounting frauds. But Adani Group denied all the allegations. But the company’s listed shares lost more than $13,000 crore in market value. Adani also lost the title of India’s richest man with a total loss of $28 billion. Reliance Industries Chairman Mukesh Ambani is the richest person in the country. His net worth is 82 billion dollars. Ambani is now the only Indian among the top 10 billionaires in the world.

Also Read: Why Hindenburg Allegations Unproven?

Although Gautam Adani is far behind in the rich list, Hurun Report indicates that Adani is the third largest businessman in the field of energy in the world. In the last 10 years, Gautam Adani and his family have made huge strides in the rich list.

Cyrus Poonawala, head of Serum Institute of India, is the third richest person in India with a net worth of $2,700 crore. Cyrus Poonawala, also known as the Vaccine King, is now the world’s richest person in the health sector. Shiv Nadar and his family of HCL Technologies are at the fourth position. He has a wealth of 26 billion dollars. According to Hurun India Philanthropy List 2022, Shiv Nadar has donated Rs 1,161 crore to philanthropic activities in the country.

Meanwhile, AvenueSupermart owner Radhakishan Damani and his family have fallen far behind the rich list.
Damani, who has a net worth of $16 billion, is out of the top 100 list. Meanwhile, Damani is the world’s eighth largest billionaire in the multibrand retail space.