A stock rout saw Gautam Adani slip to 15th on Forbes rich list with an estimated net worth of $75.1 billion, below rival Mukesh Ambani, the chairman of Reliance Industries Ltd who ranks ninth with a net worth of $83.7 billion
for Adani Enterprises, in what some saw as a stamp of investor confidence at a time of crisis.
But the meltdown in Adani group stocks and bonds resumed on Wednesday, with shares in Adani Enterprises plunging 28% and Adani Ports and Special Economic ZoneThe losses mark a dramatic setback for Gautam Adani, the school-dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with stock values of his businesses that include ports, airports, mining and cement.
Now, the tycoon - who slipped out of top 10 on the Forbes rich list on Wednesday - is fighting to stabilise his companies and defend his reputation.had stopped accepting bonds of Adani group companies as collateral for margin loans to its private banking clients. Credit Suisse had no immediate comment.
Deven Choksey, managing director of KRChoksey Shares and Securities, said this was a big factor in Wednesday's share slides. After losing $86 billion in recent days - equivalent to 16% of India's annual budget spend of $550 billion announced on Wednesday - the seven listed Adani Group entities now have a combined market capitalisation of about $131 billion.Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023.
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