Asia's wealthiest individual is no longer Gautam Adani.

Indian billionaire Gautam Adani on Wednesday lost his position as Asia’s richest person, as shares of his listed companies slide further while his empire fights allegations of serious fraud made by U.S.-based short-seller Hindenburg Research. Adani was ranked 7th in Forbes’ list of the world’s richest people yesterday. However, in the space of one day, it has collected 11.4 billion dollars from the seventh position to the 15th position.

Gautam Adani, India’s richest man, is in serious danger after the Hindenburg Research report. The share price of Adani Group has collapsed. Meanwhile, Adani has also been demoted from Bloomberg’s list of the richest people. Currently, he is number 10 on the list of the world’s richest people.

According to the Forbes list, Gautam Adani is number 15 on the list of the world’s richest people. His current net worth is $76.8 billion. In the space of one day, his wealth has decreased by 11.4 billion dollars. In this list, analysts are concerned that Adani will be further reduced.

Apart from Adani and Ambani, the top five richest people in India are Shiv Nadar, Radhakrishnan Damani, and Lakshmi Mittal respectively. The Gujarat-based Adani Group is primarily associated with the port industry. Now they have branched out into different fields.

On the other hand, Ambani’s Reliance is going to invest heavily in Gujarat. Reliance Group has signed an MoU to invest a total of Rs 5.95 lakh crore in Gujarat.

Source: Forbes

Asia’s wealthiest individual is no longer Gautam Adani.