Gautam Adani has slipped out of the list of the world’s top 10 richest people and could soon be supplanted as Asia’s wealthiest person if shares in his conglomerate continue to slide.
The tycoon has fallen from fourth place to 11th on the Bloomberg Billionaires Index, with a personal wealth wipeout of $34 billion in just three trading days.
With a current fortune of $84.4 billion, Adani now sits just one spot above rival and Reliance Industries Ltd. chairman Mukesh Ambani, whose net worth is $82.2 billion.
Shares of Adani Group companies have plummeted in a three-day selloff that has erased more than $68 billion of market value, following the publication of a report by Hindenburg Research alleging “brazen stock manipulation and accounting fraud.”
Adani now languishes below Mexico’s Carlos Slim, Google co-founder Sergey Brin and former Microsoft CEO Steve Ballmer on the Billionaires Index.