Gautam Adani’s net worth plummets by $11.9 Billion amid market slump

Gautam Adani, chairman of the Adani Group, has seen his net worth fall by $11.9 billion to $66.8 billion, according to the latest Bloomberg Billionaires Index. Once ranked as the fourth richest person in the world, Adani now stands at the 23rd position—a sharp decline triggered by controversies and market downturns.

The decrease in his wealth is largely due to falling share prices of his six publicly traded companies, including Adani Enterprises, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Ports, and Adani Green Energy. The drop follows the release of the Hindenburg Research report in 2023 and a subsequent U.S. indictment alleging bribery involving Gautam Adani, his nephew Sagar Adani, and other senior executives of the conglomerate.

Adding to the financial pressure, the Indian stock market has been on a downward trend. The NSE Nifty50 and BSE Sensex have both declined over the past few months, with the Sensex down more than 4% on a year-to-date basis. Notably, small-cap investors have reportedly lost ₹4 lakh crore in the last two months, as per CNBC-TV18.

The economic downturn has impacted other Indian billionaires as well. Reliance Industries chairman Mukesh Ambani fell from 12th place in December 2024 to 17th on the Bloomberg index, with his net worth at $87.7 billion.

Shiv Nadar’s net worth dropped by $4.53 billion to $38.6 billion, placing him 44th, while Shapoor Mistry of the Shapoor Paloonji Group saw a $2.73 billion decrease, bringing his net worth to $35.9 billion. Savitri Jindal, India’s richest woman and head of the Jindal Group, also experienced a decline, with her net worth falling by $3.90 billion to $28.4 billion.

In contrast to the setbacks faced by Indian billionaires, Tesla CEO Elon Musk’s net worth surged to $397 billion, driven by rising stock valuations and his involvement in former U.S. President Donald Trump’s newly established Department of Government Efficiency.