Gautam Adani drops out of world's top 20 richest people

Agencies | New Delhi                                         

The Daily Tribune – www.newsofbahrain.com   

Industrialist Gautam Adani slipped out of the top 20 richest people on World's Real-time Billionaires list of Forbes and was placed in 22nd position on Friday.

Gautam Adani's wealth had declined 21.77 per cent or $16.2 billion.

The current net worth of the industrialist was $581.1 billion at 1.23pm (IST) on Friday afternoon, while Reliance Industries Mukesh Ambani's net worth was at $82 billion.

On Thursday, Adani Group Chairman Gautam Adani, who stood at the 10th spot on the Forbes Real-time billionaire list for 2023, after being overtaken by Reliance Industries Chairman Ambani on Wednesday, further slipped and came to the 15th spot on the list.

On Thursday morning, Ambani overtook Adani to become the richest Indian in the world with a net worth of $84.3 billion, according to Forbes.

However, at the top of the list is French luxury fashion giant Louis Vuitton's founder and CEO Bernard Arnault Bernard Arnault.

However, these values fluctuate constantly. If there is a gain in Adani's stock, it is expected Adani's personal wealth will rise too.

The decline of Gautam Adani on the Forbes' list happened, following a report by US short-seller Hindenburg Research on the Adani Group alleging a decade-long fraud scheme, "brazen accounting fraud, stock manipulation and money laundering."

According to the data available on BSE, Shares of Adani Group's flagship firm, Adani Enterprises, were down 27.47 per cent to Rs1,143.50 apiece on Friday morning. According to data available, in just five sessions, it has lost more than Rs1,926.55 or declined over 62 per cent.