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In 2020, there were only four Indians in the global top 100 rich list, now there are seven

<ul><li>India’s richest and world’s third richest person <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> was in the hot seat on Rajat Sharma’s ‘Aap Ki Adalat’ show on Saturday.</li><li>In the hour-long show, the billionaire from Gujarat addressed several controversial topics like his closeness with the ruling BJP, his group debt and more.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> revealed that Reliance Industries’ founder, the late Dhirubhai <keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> is his role model, and that Mukesh Ambani is a very good friend.</li></ul>India’s richest and world’s third richest person Gautam Adani was in the hot seat on Rajat Sharma’s ‘Aap Ki Adalat’ show on Saturday. In the hour-long show, the billionaire from Gujarat addressed several controversial topics like his closeness with the ruling BJP, and Mukesh Ambani, his closest rival. “To become successful, discipline and hard work is the only formula, leave the rest to God,” Adani said in the opening segment of the<a href="https://www.youtube.com/watch?v=pYKPBgNPlVo"> show</a>. <cmsannotation type="cmsannotation" annotationid="‘Doubting the class topper who achieved the first rank’" comment="subhead" text="‘Doubting the class topper who achieved the first rank’">‘Doubting the class topper who achieved the first rank’</cmsannotation> The show, which is known to make top celebrities answer the most uncomfortable questions about themselves, started off with the political connections that Gautam Adani allegedly enjoys. The opposition parties have termed Adani’s meteoric rise as a case of “<a href="https://www.indiatoday.in/india/story/rahul-gandhi-bharat-jodo-yatra-delhi-red-fort-address-2313120-2022-12-24">crony</a> capitalism”. He is known to be close to the ruling BJP government. One of Adani’s frequent critics is Rahul Gandhi, senior leader of the primary opposition party, the Indian National Congress. The show’s anchor Sharma pointed out how Gandhi has been critical of Adani over the past eight years, calling him “ungrateful”, amongst other things. On this, Adani said, “Rahul Gandhi is a senior leader of the Congress party. As an industrialist, I think it’s not good that I pass a comment about him. He’s a respected leader and wants the progress of the country. Sometimes in the heat of politics, he makes a comment, but I don’t consider it anything more than a political comment.” Adani added that his companies don’t bag projects in only BJP-ruled states. “We want to make maximum investments in every state. Adani group is happy that it is working in 22 states, and not all of them are ruled by the BJP,” he said. “I can say with clarity that we do not have any problem with any state government. We work in Left-ruled Kerala, with Mamata Didi in West Bengal, in Naveen Patnaikji’s Odisha, with Jagan (in Andhra Pradesh), and KCR (in Telangana),” he added. <div type="Article" hostid="261" msid="96610248" title="Gautam Adani: Man of the year" mstype="2" mssubtype="0"></div> Gandhi also alleged that the Modi government has given away business in key areas like mining, green energy, power and others to Adani’s group companies. On this, Adani said, “We have not done any work without bidding. We don’t enter any business without bidding or merits. Adani’s group’s philosophy has been to not touch anything without bidding.” “This is like doubting how the class topper has achieved the first rank,” he quipped. <cmsannotation type="cmsannotation" annotationid="‘Lenders don’t give loans based on what someone says’" comment="subhead" text="‘Lenders don’t give loans based on what someone says’">‘Lenders don’t give loans based on what someone says’</cmsannotation> Adani’s rise has also been criticized for being <a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">funded by debt</a>. Sharma pointed out that Adani’s critics say he has over ₹2 lakh crore worth of debt in the books of his companies. Responding to this, Adani said, “Our credit rating is equal to that of India’s sovereign rating. We have brought down the share of loans taken from banks in India to 35% of our total debt now, from 80% in 2013.” “The rest of it is from outside India, and those lenders don’t give loans based on what someone says in India. So, this allegation is entirely baseless,” he added. <div type="Article" hostid="261" msid="91829090" title="Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="‘Mukesh bhai is a very good friend’" comment="subhead" text="‘Mukesh bhai is a very good friend’">‘Mukesh bhai is a very good friend’</cmsannotation> As Adani rose through the ranks of the world’s richest, he also displaced Mukesh Ambani as India’s richest man — who had been holding on to the tag for a very long time. In addition, both the business groups’ interests clash be it green hydrogen, renewable energy and most recently media. On the topic of rivalry, Adani said that Ambani is a very good friend of his, and that his late father, Dhirubhai Ambani is his role model. “Dhirubhai is a role model. The way he set up and scaled Reliance Industries even before liberalization, he showed the way forward. He is an inspiration,” Adani said. Adani also praised Mukesh Ambani, saying he took the Reliance group forward and expanded it. “Mukesh bhai is a very good friend. I respect him a lot. He gave Reliance Industries a new direction with Jio, technology and retail, apart from his primary petrochemical business. He has made a big contribution towards developing the country,” he said. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-hdfc-bank-axis-bank-among-other-private-and-public-bank-earnings-could-see-a-further-ramp-up-in-q3-2022/articleshow/96768992.cms">Bank earnings could see a further ramp up in Q3, say analysts</a> <a href="https://www.businessinsider.in/business/startups/news/skippi-ice-pops-what-this-hyderabad-popsicle-brand-is-doing-after-raising-rs-1-crore-from-shark-tank-india-season-1/articleshow/96759786.cms">Skippi Ice Pops – how the Hyderabad-based popsicle brand fared after bagging a ₹1 crore deal on Shark Tank India S1</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-other-it-companies-earnings-preview-for-q3-fy23/articleshow/96731891.cms">December quarter likely to be a weak one for the IT sector – Infosys amongst top analyst picks</a>

Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani

<ul class="summary-list"><li>Gautam Adani is no longer Asia's richest person, after falling to 15th place on Forbes' billionaires list.</li><li>The Indian industrialist has lost over $50 billion as Adani Group stocks continue a weeklong selloff.</li></ul>Indian industrialist Gautam Adani is no longer Asia's richest person as a rout in his conglomerate's stocks intensified, after a bombshell <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">report</a> by short-seller Hindenburg Research.He now has an estimated net worth of $74.7 billion and ranks as the world's 15th wealthiest person on <a href="https://www.forbes.com/real-time-billionaires/#1d336b613d78" target="_blank" rel="noopener">Forbes' billionaire list</a>, which updates the value of richest people's public holdings in real-time when their stock markets are open. He was overtaken by Mukesh Ambani, the chairman of Reliance Industries who is worth $83.7 billion and ranks 9th on the list.Adani had ranked 3rd on Forbes' list as recently as at the start of last week, before Hindenburg accused the conglomerate of "pulling the largest con in corporate history" by engaging in stock manipulation and accounting fraud. The group has <a href="https://www.adanienterprises.com/newsroom/media-releases/Media-Statement-on-Hindenburg-Research-Report" target="_blank" rel="noopener">dismissed</a> the report as "misinformation and stale, baseless and discredited allegations." The founder and chairman of the Adani Group has seen his fortune shrink by <a href="https://www.forbes.com/sites/siladityaray/2023/02/01/controversy-embroiled-gautam-adani-loses-asias-richest-title-to-mukesh-ambani/?sh=760651536765" target="_blank" rel="noopener">$50 billion</a> in the wake of the short-seller report, as his business empire's stocks continued to tumble on Wednesday, just one day after he managed to raise enough funds to <a href="https://markets.businessinsider.com/news/stocks/adani-completes-share-sale-market-rout-hindenburg-fraud-allegations-2023-1">secure the $2.5 billion share sale</a> of his flagship company Adani Enterprises.While some took India's largest follow-on share issue as a sign that investors were sticking by the conglomerate despite the scathing Hindenburg <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">report</a>, shares in Adani Enterprises <a href="https://www.investing.com/equities/adani-enterprises" target="_blank" rel="noopener">sank nearly 30%</a> on Wednesday. All of the flagship firm's six other listed companies — with businesses related to power, ports, transmission, gas, green energy, and food — also reported declines. "There was a slight bounce yesterday after the share sale went through, after seeming improbable at a point, but now the weak market sentiment has become visible again after the bombshell Hindenburg report," Ambareesh Baliga, a Mumbai-based independent market analyst, told <a href="https://www.reuters.com/business/adani-group-stocks-resume-fall-after-25-bln-share-sale-goes-through-2023-02-01/" target="_blank" rel="noopener">Reuters</a>. "With the stocks down despite Adani's rebuttal, it clearly shows some damage on investor sentiment. It will take a while to stabilize," Baliga said.

Gautam Adani isn't Asia's richest person any more after losing over $50 billion as his companies' stock rout deepens

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Indranil Aditya/NurPhoto via Getty ImagesJio, the telecom company that belongs to India's richest man, has quickly become one of the country's biggest mobile carriers.</div></div></div><ul class="summary-list"><li>Forbes released its 2019 ranking of <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">India's 100 Richest People.</a></li><li><a href="https://www.forbes.com/sites/naazneenkarmali/2019/10/10/indias-richest-2019-fortune-favors-a-few-as-growth-slows/#6e4539cc6567">More than half of the country's richest people lost money</a> in 2019 as economic growth slowed.</li><li>India's richest man, on the other hand, <a href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani,</a> added $4.1 billion to his fortune.</li><li>The 62-year-old chairman of oil-gas-telecom conglomerate Reliance Industries is <a href="https://www.forbes.com/profile/mukesh-ambani/?list=india-billionaires#5eb70d41214c">worth an estimated $52.7 billion.</a></li><li>The automobile and consumer goods industries suffered, but Ambani's wealth has grown this past year largely thanks to his three-year-old telecom company, Jio, which now has 340 million subscribers, according to Forbes.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>India's economic growth has slowed, and the country's richest people haven't been spared the effects. Forbes released its 2019 ranking of <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">India's 100 Richest People,</a> and it showed that <a href="https://www.forbes.com/sites/naazneenkarmali/2019/10/10/indias-richest-2019-fortune-favors-a-few-as-growth-slows/#6e4539cc6567">more than half of India's richest people lost money in 2019.</a>"Under the Narendra Modi-led government, which returned to power for a second term with a thumping majority in May, economic growth slowed to 5%, a six-year low," Naazneen Karmali wrote for Forbes.According to Karmali, the automobile and consumer goods industries were hit particularly hard, with layoffs and production cuts. Fourteen of India's richest lost at least $1 billion, and nine of last year's richest didn't make this year's list. The country's richest man, however, got even richer despite the economic turmoil. Mukesh Ambani, who runs the oil-gas-telecom conglomerate Reliance Industries, added $4.1 billion to his net worth.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Amit DaveMukesh Ambani is the head of Reliance Industries, one of India's most valuable companies.</div></div></div>The 62-year-old is now <a href="https://www.forbes.com/profile/mukesh-ambani/?list=india-billionaires#3f0d2f2b214c">worth an estimated $52.7 billion</a>, making him the <a href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">15th-richest person in the world.</a> Ambani has now been India's richest man for 12 years in a row. The Ambani family is known for <a href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">living in a lavish, 27-story skyscraper in Mumbai</a> that cost an estimated $1 billion to build. The weddings of two of Ambani's children, in December 2018 and March 2019, were attended by the likes of Google CEO Sundar Pichai, Hillary Clinton, actress Priyanka Chopra, and Bollywood star Shah Rukh Khan.Read more: <a href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani is India's richest man for the 12th year in a row. Meet the Ambanis, Asia's wealthiest family, who live in a $1 billion skyscraper and mingle with royals and Bollywood stars.</a>The next-richest Indian, <a href="https://www.forbes.com/profile/gautam-adani/?list=india-billionaires#396ba11b1608">Gautam Adani, is worth an estimated $15.7 billion.</a> That may be a whopping $37 billion less than Ambani, but Adani rose eight spots in the past year to become the second-richest man in India. The infrastructure and coal mining billionaire got approval in 2019 to start work on a coal mine in Australia after waiting nine years, according to Forbes. Adani also controls India's largest port, Mundra Port.While most Indian billionaires - with exceptions such as Ambani and Adani - lost money in the past year, <a href="https://www.businessinsider.com/french-billionaires-money-luxury-goods-demand-china-arnault-pinault-2019-7">billionaires in France made more money than their counterparts</a> anywhere else in the world, as Taylor Nicole Rogers reported for Business Insider.The personal fortunes of French billionaires <a href="https://www.bloomberg.com/news/articles/2019-07-01/france-s-richest-people-get-richer-faster-than-everyone-else">grew more than twice as fast</a> as those of American and Chinese billionaires in the first half of 2019, Bloomberg's Alexander Sazonov reported in July, mainly thanks to China's growing desire for luxury goods. Take <a href="https://www.businessinsider.com/who-is-bernard-arnault-richest-person-in-europe-lvmh-life-photos-2019-1">Bernard Arnault, France's richest person</a> and the third-richest in the world, who runs LVMH, the world's largest maker of luxury goods. Last week, Arnault made $5.1 billion in less than 48 hours - and <a href="https://www.businessinsider.com/lvmh-ceo-bernard-arnault-massive-fortune-growing-billionaire-2019-7#3-arnault-is-officially-one-of-only-six-people-to-ever-rank-no-2-on-forbes-list-of-the-richest-billionaires-3">he's now made more money in 2019</a> than any other person listed in the Bloomberg Billionaires Index. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-impeachment-process-president-congress-constitution-2017-2">Columbia Law School professor explains exactly how impeachment works, and what it takes for a president to be impeached</a></h3> <div> </div> </div>

More than half of India's 100 richest people lost money in the past year, but the country's richest man got $4 billion richer.

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Amit DaveMukesh Ambani is the richest man in India for the 12th year in a row.</div></div></div><ul class="summary-list"><li>Forbes released its 2019 ranking of <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">India's 100 Richest People.</a></li><li><a href="https://www.forbes.com/india-billionaires/list/#tab:overall">Mukesh Ambani, with a net worth of $51.4 billion</a>, topped the list for the 12th year in a row.</li><li>The list also includes infrastructure tycoon Gautam Adani and steel baron Lakshmi Mittal.</li><li>The 15 richest people in India are worth a combined $215 billion.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Forbes released its 2019 ranking of <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">India's 100 Richest People.</a>For the 12th year in a row, Mukesh Ambani, the head of oil-gas-telecom conglomerate Reliance Industries, topped the list with an estimated net worth of $51.4 billion.Despite a slowdown of economic growth that caused more than half of India's 100 richest people to lose money, Ambani has only gotten richer, adding $4.1 billion to his fortune in the past year.Read more: <a href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Mukesh Ambani is India's richest man for the 12th year in a row. Meet the Ambanis, Asia's wealthiest family, who live in a $1 billion skyscraper and mingle with royals and Bollywood stars.</a>India's richest 15 people, which include Ambani, pharmaceuticals billionaires, and infrastructure tycoons, are worth a combined $215 billion.Here are the 15 richest people in India right now, ranked.

The 15 richest people in India, ranked

Gautam Adani has become a legend today by taking his Adani Group’s businesses to new heights. His contribution to the growth of Indian infrastructure and economy are highly significant. Engaged in a wide range of businesses from coal mining, exploring gas and oil to power generation and ports, the Adani group is one of the biggest operators of ports in the nation. A great inspiration to the aspiring entrepreneurs, Gautam Adani has a number of interesting things about him. Here are 10 interesting facts that will make our eyebrows raise in admiration of this business legend. 1. A school dropout Gautam Adani was a school drop out from the commerce department of CN Vidyalaya in Ahmedabad. Since long, Mumbai’s thriving diamond business allured him. He mastered the insider tricks of the business within three years. 2. An awesome visionary During his school days, Adani visited Gujarat’s Kandla Port. On that day, he decided he would also build something like that in his life or even bigger than that. From that day, he chased his dream which came true in a bigger dimension. 3. He paved his own road to growth Gautam Adani was born in a family owning a textile business. But, he was never interested in his family business and made his first million within three years of his Mumbai life as a diamond broker. Adani was a self-made millionaire at the age of 20. 4. Sealed a 6,000 crore deal within 100 hours With his amazing negotiation skills, he obtained the Udupi Thermal Power Plant in a 6,000 crore rupees deal. The entire negotiation process lasted for not more than 100 hours. 5. His company is the biggest private power producer in the country Adani power limited is the power business of the Adani Group that owns a number of thermal power plants that produce up to 4620 MW. His company is the largest private power producer and the largest solar power producer in the country. 6. Gives about 3% of the Group’s earnings for philanthropic activities The Adani foundation is run with 3% of the profits he makes from the Adani Group ventures. Adani Vidya Mandir School in Ahmedabad provides free education to children from low-income families. 7. Through his port project, he realized his childhood dream In 1995, the Adani Group secured the contract for privately running the Mundra Port in Gujarat. Gautam turned it into the largest private port in India thus realizing his childhood dream in a manifold. 8. His group ranks high in the infrastructure segment Adani Group is ranked as the country’s most trusted infrastructure brand in “The Brand Trust Report 2015”. 9. He works with a mantra In an interview with the press people, he said that he works with a mantra that steered his way towards success. Throughout his entire life, he focused on trying rather than getting obsessed with the results. 10. He is the brain behind India’s port-rail linkage policy He approached the then Railway Minister of India Nitish Kumar and convinced him about the national importance of a scheme that would connect the country’s ports with the main railways. Following this, the port-rail linkage policy of the government was crafted. See Also - <a href="https://www.businessinsider.in/business/news/top-10-richest-people-in-the-world/articleshow/74415117.cms">Top 10 richest people in the world</a> <a href="https://www.businessinsider.in/entertainment/news/top-10-richest-actresses-of-india/articleshow/72018327.cms">Top 10 Richest Actress in India </a> <a href="https://www.businessinsider.in/meet-the-top-10-richest-actors-in-india/articleshow/69645149.cms">Top 10 richest actor in India</a>

Gautam Adani - Some interesting facts about Gautam Adani that you should know

<ul class="summary-list"><li>Gautam Adani — Asia's richest person — saw his wealth plunge over $20 billion on Friday alone, per Bloomberg.</li><li>The wealth wipeout followed a crash in the shares of his listed businesses, after a bombshell short-seller report.</li></ul>It's just one month into 2023, but Gautam Adani, Asia's richest person, has already seen his wealth plunge by nearly a quarter following a short seller's bombshell report against the Adani conglomerate.In a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday titled "how the world's 3rd richest man is pulling the largest con in corporate history," Hindenburg Research leveled allegations of "brazen stock manipulation and accounting fraud scheme" at the Adani Group.Shares of the company's listed businesses crashed in response, losing <a href="https://markets.businessinsider.com/news/stocks/adani-group-loses-50-billion-market-value-hindenburg-2023-1">over $50 billion</a> in market value Wednesday through Friday, according to <a href="https://www.bloomberg.com/news/articles/2023-01-27/adani-group-stocks-plunge-extend-rout-from-short-seller-report" target="_blank" rel="noopener nofollow">Bloomberg</a>. Since much of Adani's wealth is derived from his stakes in the companies, the Indian billionaire's wealth also took a massive hit, plunging $20.8 billion on Friday, according to the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a>Adani, who's wealth clocks in at around $92.7 billion as of January 30, is still the world's richest Asian, but his ranking on <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg's Billionaires Index</a> has dropped to the seventh place — down from the fourth position <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1">earlier last week.</a> His fortune has fallen almost $28 billion or about 23% so far this year.This is the largest ever hit to the Indian billionaire's wealth and the steepest ever market-driven decline for anyone in Asia, according to <a href="https://www.bloomberg.com/news/articles/2023-01-27/gautam-adani-fortune-collapses-20-billion-with-empire-under-short-seller-siege" target="_blank" rel="noopener">Bloomberg.</a><h2>Adani Group has strongly rebutted Hindenburg's report</h2>Hindenburg's report also comes at an inopportune time for the Adani Group, which is offering a <a href="https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/Corporate-Announcement/492-AELBM1801.pdf?la=en" target="_blank" rel="noopener nofollow">secondary share sale</a> of Adani Enterprises — the flagship business of the Adani business empire. The sale closes Tuesday.But the Adani Group had not taken the attack lightly — in fact, it has put up strong rebuttals against Hindenburg's allegations and <a href="https://www.adani.com/Newsroom/Media-Release/Media-statement-II-on-a-report-published-by-Hindenburg-Research" target="_blank" rel="noopener">said on Thursday</a> it was <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1">exploring legal action.</a>On Sunday, the conglomerate also issued a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener">413-page report</a> against Hindenburg, saying its report is "nothing but a lie." "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in its Sunday report.<a href="https://hindenburgresearch.com/?p=2500">Hindenburg responded</a> on Sunday the Adani Group failed to answer most of the questions it had asked and had "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative" and tried to conflate Adani's rise with the success of India itself. "To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future," Hindenburg said in its strongly worded statement. "We also believe India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."Hindenburg further said "fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world."Adani did not immediately respond to Insider's request for comment sent via the Adani Group.

Gautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023

<ul class="summary-list"><li>Indian billionaires are leading losses on the Bloomberg Billionaires Index so far this year.</li><li>That's on the back of a massive selloff in Adani Group's listed businesses and the broader Indian market.</li></ul>India's billionaires are not having a great 2023 so far. A massive selloff in the listed companies of the Gautam Adani — India's richest man — following a shocking short-seller report, is spilling over into the country's markets.Adani Group's listed companies have lost <a href="https://www.bloomberg.com/news/articles/2023-01-30/most-adani-stocks-drop-as-rebuttal-draws-hindenburg-response" target="_blank" rel="noopener">more than $68 billion</a> in market capitalization since Hindenburg Research, a US short seller, released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday alleging "brazen stock manipulation and accounting fraud scheme" at the <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1">Adani Group.</a> Adani Enterprises, the conglomerate's flagship has lost over 25% in market value this year alone.The rout has pummeled Adani's net worth, which is down $36.1 billion this year so far — propelling him into the spot of top loser on the <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a> The Indian industrialist has also fallen off the list of the top 10 wealthiest people and is now the world's 11th richest person — slipping from the fourth position just last week.The Adani Group has been <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">defending itself vigorously,</a> but Hindenburg's also doubling down on it's initial report.Adani is still the world's richest Asian, but his wealth wipeout shows the extent of losses in the Indian markets — which has spilled over to his fellow billionaires.Trailing Adani on the Bloomberg Billionaires Index are fellow Indian billionaires <a href="https://www.businessinsider.com/how-rich-mukesh-ambanis-india-2020-1">Mukesh Ambani</a>, <a href="https://www.forbes.com/profile/radhakishan-damani/?sh=3b6dc90440de">Radhakishan Damani</a>, and <a href="https://www.forbes.com/profile/savitri-jindal/?sh=3ae4a453dc37">Savitri Jindal</a>, who have lost about $5 billion, $2 billion, and $1 billion so far this year. Their net worth is down on the back of falling share prices in the companies they hold large stakes in.Ambani is the chairman and majority shareholder of Reliance Industries, a conglomerate, while Damani is the founder of Avenue Supermarts. The stock of both companies have posted losses this year so far.Share prices of most of Jindal's companies in her steel and power conglomerate are also down this year.The drama surrounding the Adani Group has hit overall market sentiment in the South Asian market — India's benchmark index, the <a href="https://markets.businessinsider.com/index/sensex">Sensex,</a> is down over 2% so far this year."Allegations of fraud at one of India's most valuable conglomerates, the Adani Group, have hastened the decline we expected in Indian equities as foreign investors rebalance their portfolios on <a href="https://www.businessinsider.com/stock-market-china-trade-investing-strategy-zero-covid-reopening-recession-2023-1">China's reopening,</a>" Shumita Deveshwar, the chief economist for India at macroeconomic consultancy TS Lombard, wrote in a Monday note seen by Insider.Investors are bound to intensify their scrutiny of Indian stocks, Deveshwar added, but the country's corporate governance metrics rank better than most emerging markets including Saudi Arabia, China, and Brazil, according to a November 2022 report from TS Lombard.

It's been a very bad month for Indian billionaires &mdash; four of the richest Indians have collectively lost about $45 billion in 2023

<ul class="summary-list"><li>Adani Group has lost nearly $72 billion in market value in a matter of days as its public spat with a short-seller intensifies. </li><li>The wipeout comes even after the Indian conglomerate issued a 413-page rebuttal against Hindenburg Research. </li></ul>Indian conglomerate Adani Group has lost nearly $72 billion in market value over just three days as a public spat between Asia's richest man and a short-seller escalates, <a href="https://www.bloomberg.com/news/articles/2023-01-30/most-adani-stocks-drop-as-rebuttal-draws-hindenburg-response" target="_blank" rel="noopener">according to Bloomberg</a>. Shares in nearly all of the company's listed businesses – founded by Gautam Adani – tumbled Monday even after the energy-to-infrastructure empire issued a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">413-page rebuttal</a> against Hindenburg Research, saying it's report is "nothing but a lie." Adani Transmission and and Adani Green Energy were down as much as 15% and 20%, respectively, on Monday. "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said in its Sunday report.Hindenburg <a href="https://hindenburgresearch.com/?p=2500" target="_blank" rel="nofollow noopener">snapped back</a> on Sunday saying "fraud is fraud, even when it's perpetrated by one of the wealthiest individuals in the world.""India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation," the short seller added.The public spat between the Adani group and Hindeburg kicked off after the short-seller accused the company of <a href="https://markets.businessinsider.com/news/stocks/adani-group-loses-50-billion-market-value-hindenburg-2023-1">stock manipulation</a> and accounting fraud, in a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> published last Tuesday.Adani has vehemently opposed the allegations, previously calling the report "maliciously mischievous" that has brought "unwanted anguish for Indian citizens." It also said the company was considering legal action against Hindenburg.As the squabble intensifies, Adani has also seen his <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1">personal wealth dramatically drop</a> by $28 billion in the first month of 2023. The Indian billionaire slid down the rankings on <a href="https://www.bloomberg.com/billionaires/" target="_blank" rel="noopener nofollow">Bloomberg's Billionaires Index</a> to the seventh place after being the world's fourth richest person early last week.

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Gautam Adani is tumbling down the ranking of the world's richest people, and he's already lost $28 billion in the first month of 2023

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