Gautam Adani suffers a $13 billion loss in four days

The dream climb up the world wealth rankings of Gautam Adani is failing after a media article raising concerns about certain offshore investors prompted a sell-off in his conglomerate’s six publicly traded equities.

According to the Bloomberg Billionaires Index, Gautam Adani has lost more money this week than anybody else on the planet, with his personal worth falling by approximately $13.2 billion to $63.5 billion. Only a few days ago, he was closing up on Mukesh Ambani as Asia’s richest man. Adani group stocks dropped further, with some falling below their daily limit for the sixth time in a row.

The stock market reversed course on Monday after the Economic Times reported that India’s national share depository had frozen the accounts of three Mauritius-based funds due to a lack of information on the owners. The majority of the $6 billion in assets of Albula Investment Fund, Cresta Fund, and APMS Investment Fund are shares of Adani’s companies.

Despite the fact that the Adani group labelled the study plainly false and said it was done on purpose to deceive the investment community, investors worried about transparency fled. According to Bloomberg Intelligence, Mauritius offshore funds have more than 90% of their assets under control in Adani group firms.

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