Indian Billionaire Loses 13 Billion Dollars In 4 Days

After the sharp decline in the share prices of its six companies listed on the stock exchange

Indian billionaire Gautam Adani

Indian billionaire Gautam Adani's dreams of joining the world's rich list faltered after the sharp decline in the shares of his six listed companies, and the Indian billionaire lost in 4 days $13.2 billion, bringing his fortune to $63.5 billion, according to Bloomberg Billionaires Index.

The agency indicated that Adani had succeeded a few days ago in narrowing the difference in wealth between him and the Indian billionaire Mukesh Ambani, the richest person in Asia. Yesterday, the share prices of 4 of the six Adani companies registered in the stock market declined, to continue their decline for the fifth day in a row.

The shares of Adani companies started to decline last Monday after the Indian Economic Times published a report about freezing the accounts of 6 investment funds based in Mauritius, due to insufficient information about their owners. The bulk of the shares owned by the three funds, worth about $6 billion, were shares in Adani companies.

Despite the Adani Group's denial of the press report, accusing it of deliberately misleading the investment community in India, investors rushed to dispose of the companies' shares on the stock exchange, which led to a sharp decline in their prices.