Billionaire Gautam Adani drops out of the top ten richest list as Group stocks continue to fall.

Billionaire Gautam Adani, the richest Indian and Asian in the world, has seen his fortune shrink, causing him to fall out of the top ten on the Bloomberg Billionaires Index.

Gautam Adani’s net worth as Chairman of Indian conglomerate Adani Group is $84.4 billion, while Jeff Bezos’ net worth has risen to $124 billion as of 31 January 2023. Bernard Arnault, with $189 billion, remains the world’s richest person. According to Bloomberg data, Gautam Adani’s net worth has dropped by $8.21 billion in the last 24 hours, and he has lost $36.1 billion year to date.

The Bloomberg Billionaires Index compiles daily rankings of the world’s 500 wealthiest individuals. The numbers are updated at the end of each New York trading day.

Amazon’s Jeff Bezos is now the world’s third wealthiest individual, with Bernard Arnault of Louis Vitton and Elon Musk, the owner of Tesla, SpaceX, and Twitter, ranking first and second, respectively.

Meanwhile, Adani Group shares fell further on Tuesday as Asia’s richest man attempted to execute a $2.5 billion equity sale by its flagship company despite the upheaval caused by short-seller Hindenburg Research.

Adani Total Gas Ltd. fell 10% on a daily basis, leading losses in the majority of the group’s stocks. Adani Enterprises Ltd. rose almost 2% in early Mumbai trading but stayed below the floor price established for its follow-on share offering. As the rout entered its fourth session, the market value of ten of the conglomerate’s firms was reduced by $75 billion.

Overall subscription for the equity offering, the largest of its kind in India, stood at just 3% as of the end of Monday, indicating that demand was likely dampened by Hindenburg Research’s allegations that the Indian conglomerate used a web of companies in tax havens to inflate revenue and stock prices as debt piled up.

As a result, several analysts tracking the share sale are sceptical that there would be sufficient demand under the current circumstances, despite a $400 million investment from International Holding Co. IHC, which is controlled by a prominent member of Abu Dhabi’s royal family.

“IHC’s participation may provide tactical sentiment support, although they were also investors in the group before to the FPO.” “said Nitin Chanduka, a Bloomberg Intelligence analyst. “Markets will wait for further clarity on the claims before seeing a major increase in the group’s stock,” says one analyst “On the larger picture, he stated.

Adani is attempting to complete the historic share sale in order to cover some of the group firms’ debts, while also refuting charges made by Hindenburg last week. The billionaire’s personal wealth has been reduced by the quick decrease in share prices, which has also weighed on India’s stock market, where some of his companies were among the top performers last year.