Gautam Adani Slips To 38th Rank In Forbes Rich List

Industrialist Gautam Adani has slipped to 38th position in the Forbes Rich List from third within a month amid Hindenburg controversy related to stock price manipulation. 

As per Forbes' real-time tracker, Adani's net worth is estimated to be USD 33.4 billion, eroding more than USD 85 billion from USD 119 billion before the release of the report on 24 January.

However, another widely accepted global rich list, Bloomberg Billionaires Index has positioned Adani at the 30th rank with a net worth of around USD 40 billion. 

The Bombay Stock Exchange (BSE) data showed that Adani's net worth has eroded by almost USD 150 billion. 

Chairman and Managing Director of Reliance Industries, Mukesh Ambani stands at the eighth position with a net worth of USD 84.3 billion on the Forbes rich list. 

The US-based short-seller Hindenburg has alleged Adani Group of accounting fraud, stock price manipulation and improper use of offshore shell entities in tax havens. 

However, Gautam Adani has denied the allegations of any wrongdoing and termed the report as US firms' motive to make financial gains creating a false market.

Adani Group of firms stems their most revenue from the infrastructure of airports, roads, ports and rails.