Gautam Adani Loses Some of His Net Worth

Indian billionaire Gautam Adani lost more than $20 billion (£16 billion) on Friday when investors left his companies for a second day because a US investment firm said they were scams.

The Adani Group said that the report was not true, but that hasn’t stopped everyone from getting angry.

India’s main opposition party has asked for an investigation.

About $50bn has been taken off the market value of the company’s publicly traded companies.

Friday, shares of Adani Enterprises, the largest company in the group, fell by nearly 20%. Some of the group’s other publicly traded companies saw their shares drop even more, and they were no longer traded in Mumbai.

Forbes says that Mr. Adani has dropped from being the third richest person in the world to the seventh, even though his estimated net worth is still more than $96 billion…Read More

Source: California Gazette