Gautam Adani’s net worth falls below $50 billion.

According to the Bloomberg Billionaires Index, billionaire Gautam Adani’s net worth fell below $50 billion on Monday. His total fortune is now $49.1 billion.

Just a month ago, the 60-year-old industrialist’s net worth was estimated to be around $120 billion, ranking him third in the world. That changed dramatically after Hindenburg Research, a small US short seller, published a damning report on the Adani Group.

The short seller’s report shook the Indian stock market and slashed the market valuation of Adani Group’s listed companies. It should be noted that seven major Adani Group companies have lost a total market valuation of $120 billion.

While Adani Group has denied Hindenburg’s allegations, the report has alarmed investors and financial institutions, resulting in a continued drop in the share prices of its listed companies.

However, this has significantly impacted the industrial tycoon’s wealth, which has dropped by $71 billion since the beginning of the year. Adani’s wealth erosion is the most pronounced among the 500 wealthiest people listed on the Bloomberg Billionaires Index.

Adani has also lost the title of Asia’s richest man to Mukesh Ambani, ranked 11th on the index with an estimated net worth of $83.6 billion. Given the sharp decline in the value of listed company stocks, it may take some time for Gautam Adani to close the gap with Ambani and reclaim the position.