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 net worth is down 60 per cent from its peak, as per the M3M Hurun Global Rich List, which pegged Adani’s overall fortune at USD 53 billion as of mid-March.
Ambani also suffered a decline in his fortune but could displace Adani as the richest Indian as his net worth declined by 20 per cent to USD 82 billion.
