In a report released on Wednesday, Adani Group chairman Gautam Adani suffered a lose of Rs 3,000 crore every week over the last year.
According to the M3M Hurun Global Rich List 2023, Adani Group lost the second richest Asian title to China’s Zhong Shanshan, who is the founder of a beverage company and majority owner of a bio-pharmacy enterprise.
Hurun India said, “With a 35% decrease in wealth, Gautam Adani & family, 60, of Adani Group lost the second richest Asian title to Zhong Shanshan of YST after a report in January by US short-seller Hindenburg led to Adani seeing his wealth down by more than 60% from his peak.”
Down by 11 ranks from the last year, the embattled billionaire is the third richest energy entrepreneur in the 2023 M3M Hurun Global Rich List.
Following the Hindenburg Research report in January 2023 that alleged that the Adani group had engaged in brazen stock manipulation, accounting fraud scheme, and improper use of offshore tax havens, Gautam Adani lost $28 billion in wealth and the conglomerate’s listed stocks lost market value to the tune of $130 billion.
In the 2023 M3M Hurun Global Rich list, Mukesh Ambani, the chairman and Managing Director of Reliance Industries has bagged the richest Indian title with a wealth of $82 billion.