Following a sharp decline in the net worth of the current week, billionaire industrialist Gautam Adani falls from his position of being the second richest man in Asia. As per a report by the global indexes which tracks the wealth of the world’s richest billionaires, from over $77 billion at the week’s start, Adani’s net worth had fallen to $63 billion. Around $14 billion from the net worth has been lost by the 58-year-old in just four days.
The position of being the second richest man after Reliance Industries Chairman Mukesh Ambani has been reclaimed by Zhong Shanshan, a Chinese billionaire according to results. Citing the performance of Adani in the six listed companies on the stock market, several people predicted that it would take him little time to become Asia’s richest after he became Asia’s 2nd richest man.
Other listed firms were witnessed to hit a 5 per cent low circuit soon after the report post which shares of Adani Enterprises and Adani Green tumbled. Rejecting the claims of NSDL freezing the foreign funds, Adani Enterprises came out with a strong statement later that day.
Despite an official clarification on the FPI freeze, shares of all the listed firms, for four consecutive sessions have been trading weaker. Due to higher sell-offs that markets are witnessing at the moment, Adani stocks are most likely to be triggered with the same as mentioned by the analysts for the reason behind the high volatility in their stocks.