Gautam Adani now no longer among world's top 10 richest billionaires

Gautam Adani, the richest Indian businessman, slipped out of the top 10 rankings of the world's richest, according to the Bloomberg Billionaires Index. Currently, his net worth stands at $84.4 billion. Bernard Arnault is the richest person on the earth with a net worth of $189 billion. 

Arnault is followed by Elon Musk with a net worth of $160 billion and Jeff Bezos with $124 billion. Mukesh Ambani ranks 12th, one spot behind Adani in the list with the net worth of $82.2 billion.

In the last 24 hours, Adani's net worth has fallen $8.21 billion, the highest among the top 100 billionaires in the list. In 2023 alone, he has lost $36.1 billion. 

The Bloomberg Billionaires Index is a daily ranking of the world's richest people. The figures are updated at the close of every trading day in New York.

Adani's net worth has slipped primarily after the release of a report by US-based short-seller Hindenburg Research. According to the report, the Adani conglomerate has been using malpractices to raise the valuation and some of the group stocks were 'overpriced' by over 80 per cent. 

In response, Adani Group refuted the claims and said that the report was 'malicious' and the group was trying to take an undue advantage from it. 

In reply, Hindenburg said that it stands by its report. 

Also, this has impacted the group's follow-on public offer (FPO). Tuesday is the last day for applications to the FPO but it has been subscribed only three per cent as of the end of Monday. 

Abu Dhabi-based International Holding Co (IHC), however, announced that it wil linvest $400 million in the FPO. By this, they will acquire 16 per cent of the issue. 

According to experts, the investors will require more clarifications before they go ahead and invest their money in the group's companies.