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He lost a fifth of his fortune in a day. Report removes Indian billionaire from list of world’s 5 richest people

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On Friday, Indian billionaire Gautam Adani dropped out of the list of the 5 richest people in the world with a decline in shares of Adani group companies.

Adani’s shares fell following the publication of a report on the group by Hindenburg Research alleging that Adani was committing fraud in various areas.

Gautam Adani is the head of the Adani group, which has numerous investments in various sectors such as the ports and airports sector, as well as real estate, cement, energy and others, as well as the Indian billionaire’s promise to invest heavily in the renewable energy sector.

Hindenburg accused the head of the Adani Group of fraud for decades, including accounting fraud, stock market manipulation and money laundering.

For its part, the group denied the accusations, calling the report an attempted sabotage by one of the largest companies in India and Asia, and indicated that it was suing Hindenburg Research.

Due to the report, the shares of the Adani Group companies fell sharply on Friday, as the share of Adani Enterprise fell by more than 18 percent, the share of Adani Power fell by about 5 percent, and the share of Adani Ports shares fell by more than by 15 percent. Shares of “Adani Total Gas”, “Adani Green Energy” and “Adani Transmission” fell by a maximum of 20 percent.

Due to the decline of the group’s companies, the Indian billionaire lost about a fifth of his fortune in one day.

Forbes estimates Gautam Adani’s net worth is now $96.6 billion, which means he is no longer among the top five richest people in the world after his net worth was $119.3 billion.

Adani’s exit from the list of the top five led to his reshuffle, as American billionaire Amazon founder Jeff Bezos returned to third place in the list of the 10 richest people in the world, and Larry Elson, with an estimated fortune of $ 112.8 billion, took fourth place, and came investor Warren Buffett. In fifth place with a turnover estimated at $107.8 billion, and in sixth place is Microsoft co-founder Bill Gates with a fortune of $104.1 billion.

Adani is still the richest person in Asia, but is ranked seventh on the list of the richest people in the world.

The list is topped by Bernard Arnault with $212.8 billion, followed by famed billionaire Elon Musk with $170.1 billion.

Source: agencies

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