Industrialist Gautam Adani’s fortunes have suffered a severe setback on concerns over corporate governance and accounting fraud, leading to Reliance Industries’ Mukesh Ambani replacing the Ahmedabad-based industrialist as the richest Indian.
Adani lost Rs 3,000 crore of wealth every week over the last year and his overall networth is down 60% from its peak, as per the M3M Hurun Global Rich List, which pegged Adani’s overall fortune at $53 billion as of mid-March.
Ambani also suffered a decline in his fortune but could displace Adani as the richest Indian as his networth declined by 20% to $82 billion.
