BENGALURU: Indian billionaire Gautam Adani on Wednesday lost his position as the richest person of Asia, as shares of his listed companies slide further as a rout in his companies deepened to $86 billion, while his empire fights allegations of serious fraud made in a report by US-based short-seller Hindenburg Research.

Wednesday’s stock losses saw Adani slipping to 15th on Forbes rich list with an estimated net worth of $75.1 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who ranks ninth with a net worth of $83.7 billion.

Before the critical report by short-seller Hindenburg, Adani had ranked third.

The losses mark a dramatic setback for Adani, the school-dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with stock values of his businesses that include ports, airports, mining, cement and power. Now, the tycoon is fighting to stabilise his companies and defend his reputation.

“The kind of fall that we are seeing in Adani stocks is scary,” said Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities.

Shares in Adani Enterprises, often described as the incubator of Adani businesses, plunged 28 per cent on Wednesday, bringing its losses since the Hindenburg report to more than $18 billion. Adani Ports

Published in Dawn, February 2nd, 2023