Gautam Adani Loses Asia’s Top 10 Richest Person Title

Billionaire Gautam Adani lost his title as Asia’s richest man on Wednesday as his group slumped again in response to a US short-seller report. Wednesday’s share losses pushed Mr. Adani to 15th place on the Forbes Rich List with a net worth of $76.8 billion. Mr. Adani finished third ahead of a critical report by US short-seller Hindenburg.

Bloomberg News reported that the route wiped about $92 billion from the value of the group’s listed units since last week. The businessman’s wealth fell by more than $40 billion over the same period. 

The losses represent a dramatic setback for Mr. Adani, whose business interests stretch from ports and airports to mining and cement. The president needs help to stabilize his businesses and protect his reputation.

On Tuesday, parent company Adani Enterprises rallied investors’ support for a $2.5 billion stock sale, seen by many as a sign of investor confidence. A report by Hindenburg Research last week accused the Adani Group of improper use of offshore tax havens and stock manipulation. This raised concerns about the high debt and valuations of the seven listed Adani companies.

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