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Indian billionaire Gautam Adani stripped of Asia’s richest man title

Indian billionaire Gautam Adani has left the list of the 10 richest people in the world and lost the title of the richest in Asia if the shares of his group continued to decline amid reports of fraud.

The Indian billionaire’s ranking in the Bloomberg Billionaires Index fell from fourth to eleventh place after his personal fortune lost $34 billion in just three trading days.

With a net worth of $84.4 billion, Adani is just one seat ahead of his rival and Reliance Industries chairman Mukesh Ambani, with a net worth of $82.2 billion.

Shares of Adani Group companies tumbled amid three days of selling pressure that resulted in a loss of more than $68 billion in market value following the release of a Hindenburg Research report alleging “clear stock manipulation and accounting fraud.”

Thus, Adani took a place on the list of billionaires after Carlos Slim from Mexico, Google co-founder Sergey Brin and former Microsoft CEO Steve Ballmer.

Source: Bloomberg

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