Gautam Adani has dropped out of the top ten richest people in the world, and if shares in his conglomerate continue to fall, he may soon be surpassed as Asia’s wealthiest person.
The tycoon has dropped from fourth to eleventh place on the Bloomberg Billionaires Index, with a $34 billion personal wealth wipeout in just three trading days.
With an estimated net worth of $84.4 billion, Adani now ranks just one spot above rival Reliance Industries Ltd. chairman Mukesh Ambani, who has an estimated net worth of $82.2 billion.
Shares of Adani Group companies have plummeted in a three-day selloff that has erased more than $68 billion of market value.
On the Billionaires Index, Adani now ranks below Mexico’s Carlos Slim, Google co-founder Sergey Brin, and former Microsoft CEO Steve Ballmer.