Indian billionaire Adani loses more than $9 billion: What you need to know

Picture Courtesy: India TV news

1. Indian billionaire business tycoon Gautam Adani lost the most money in the world this week.

2. He lost more than $9 billion this week and his wealth stands at $67.6 billion. This comes after, just a few weeks ago he was closing in on Asia’s richest man Mukesh Ambani.

3. This drop in his wealth comes after a report published by Economic Times, which mentioned that India’s national share depository froze the accounts of three Mauritius-based funds. The bulk of those shares in these funds are owned by Adani’s firm.

4. The accounts were frozen because of insufficient owner information. Adani’s firm has denied all the allegations.

5. Shares of Adani Green Energy Ltd slipped more than 7% this week, Adani Ports & Special Economic Zone Ltd. slipped 23%, and Adani Enterprises plunged almost 15%.