Gautam Adani's wealth slips below $50 bn as stocks continue to trade in red

Billionaire Gautam Adani's net worth dropped below $50 billion on Monday, showed updated data on the Bloomberg Billionaires Index. His total fortune now stands at $49.1 billion.

As per Bloomberg Billionaires Index, the billionaire's net worth stands at $49.1 billion and he is 25th on the global rich list. Forbes' Real-Time Billionaires List, on the other hand, ranked Adani at the 25th spot and pegged his net worth at $47.6 billion, reports Business Today.

Just a month ago, the 60-year-old industrialist's net worth stood at around $120 billion, making him the world's third richest person. That changed drastically after a small US short seller, Hindenburg Research, came out with a scathing report on the Adani Group.

The short seller's report sent ripples across the Indian stock market and ripped through the market valuation of Adani Group's listed companies, reports India Today.

Moreover, Adani stocks such as Adani Green Energy, Adani Total Gas, Adani Transmission, and Adani Enterprises need a rally of up to 410 per cent to regain their respective 52-week highs. Adani Green Energy shares are trading at 606.45 apiece whereas Adani Total Gas shares are trading at 925.10 apiece on Monday at the BSE at the time of writing this story, Business Today reported.

On the other hand, Adani Transmission and Adani Enterprises are trading at 873.90 apiece and 1,623.65 apiece respectively on Monday at the BSE. 

The Hindenburg Research report that jolted the Adani Group's fortunes and future plans came just before Adani Enterprises' Rs 20,000 crore follow-on-public offer (FPO) opened. The Hindenburg report accused the Adani Group of accounting fraud and stock manipulation. The group has lost around $125 billion in market value in three weeks since the report came out.

The Adani Group has denied Hindenburg's allegations as being "malicious", "baseless", and a "calculated attack on India."