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Gautam Adani Loses $13.2 Billion In Net Worth In 4 Days

The Adani Group on Tuesday discussed a communication from NSDL which said that the Demat accounts of three FPIs are 'active' but are in 'suspended for debit' status

Mumbai: Adani Group Chairman Gautam Adani’s wealth dropped by $13.2 billion to $63.5 billion in four days, as per Bloomberg. The 58-year-old has lost more money this week than anyone else in the world, Bloomberg reported.

This also means Gautam Adani is no longer Asia’s second-richest in the Bloomberg Billionaires Index. This comes as stocks of Adani Group companies crashed following reports of foreign funds’ accounts being frozen.

According to Bloomberg, the chairman and founder of the Adani Group lost more money this week than anyone else in the world. Gautam Adani is now worth $63.5 billion, down $13.2 billion this week. Adani is now $1.8 billion behind China’s bottled water king Zhong Shanshan. Mukesh Ambani continues to top Asia with $84.5 billion.

On Thursday alone, the market capitalization of six listed companies of the Adani-led Port-to-Energy group declined by Rs 1.59 lakh crore. For four consecutive trading sessions, Adani Power, Adani Total Gas and Adani Transmission hit the 5% lower circuit on the day. Media reports said top foreign portfolio investors (FPIs) have been frozen, with six stocks in the group falling 9%-22% this week. The three FPIs collectively hold shares worth over Rs 43,500 crore in Adani Enterprises, Adani Green Energy, Adani Transmission and Adani Total Gas. However, it was clarified by the company, NSDL and investors to not be true.

However, as of May 31, according to NSDL data, there was an “account level freeze” on Albula Investment Fund, Cresta Fund and APMS Investment Fund—all Mauritius-based FPIs that hold a significant stake in Adani Group shares.

The Adani Group on Tuesday discussed a communication from NSDL which said that the Demat accounts of three FPIs are ‘active’ but are in ‘suspended for debit’ status.

Shares of Adani Group rose 335 per cent to Rs 1,625.8 on June 11 from Rs 374.9 on January 1, 2021, making Gautam Adani the fastest wealth maker in the world so far in 2021. Added $43 billion to his personal wealth. Due to the rapid appreciation in the group’s market value.

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