Indian billionaire Gautam Adani lost more money this week than anyone else in the world, with his personal fortune tumbling by about $9 billion to $67.6 billion, according to the Bloomberg Billionaires Index based on Wednesday closing prices. Just days ago, he was closing the gap with Mukesh Ambani as Asia’s richest man. Adani Group stocks continued to fall on Thursday.
Shares of Adani group companies plunged on Monday after reports that the National Securities Depository Ltd froze the accounts of the three foreign funds that are among the top stakeholders in the firms. Adani Group stocks have been scorchers in the stock market in the last year before they started unravelling in the last four days and have been going down ever since. Adani Group investors have seen wealth erosion of Rs 1.10 lakh crore in the last few trading sessions. The U-turn in shares started Monday after the Economic Times reported that India’s national share depository froze the accounts of three Mauritius-based funds because of insufficient information on the owners. The bulk of the holdings of Albula Investment Fund, Cresta Fund and APMS Investment Fund — about $6 billion — are shares of Adani’s firms.
