Billionaire industrialist Gautam Adani is no longer Asia's second-richest person. This happened after his net worth declined sharply from the beginning of the week. In just 4 days, the 58-year-old has lost roughly $14 billion from his net worth.

As a result, Chinese billionaire Zhong Shanshan has reclaimed his position as Asia’s second richest man after Reliance Industries Chairman Mukesh Ambani.

    

Gautam Adani’s net worth slides, no longer Asia’s 2nd richest person

WHAT?

Billionaire industrialist Gautam Adani is no longer Asia’s second richest person, following a sharp decline in his net worth this week.

HOW?

Adani’s net worth has fallen to $63 billion, down from just over $77 billion at the beginning of this week, according to global indexes that track the wealth of the world’s richest billionaires.

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Adani’s net worth increased rapidly after the meteoric rise of his port-to-power businesses from 2020, propelling their market capitalisation. In April, the Adani Group became the third conglomerate in the country to cross a market capitalisation of $100 billion.

However, the market capitalization of all his listed companies suffered a blow on Monday after a report claimed that the NSDL froze three FPI accounts that held major stakes in four listed firms of the conglomerate.