Shares of the Adani Group plummeted sharply on Friday following reports that the U.S. Securities and Exchange Commission (SEC) has sought court approval to issue summons to Gautam Adani and Sagar Adani in connection with alleged fraud and a $26.5 million bribery case.
The steep fall wiped out $7.86 billion (approximately ₹7,20,02,70,90,000) from Adani’s net worth. According to the Bloomberg Billionaires Index, Adani’s net worth has declined by $14.5 billion this year and now stands at $70 billion. He has slipped to 24th position among the world’s richest and ranks third in Asia. In comparison, China’s Zhong Shanshan now holds the second position in Asia with $73.3 billion, while Mukesh Ambani remains the richest in Asia with $92.6 billion.
On Friday, shares of Adani Group companies fell by as much as 13% amid the SEC allegations. The Adani Group has rejected these claims, asserting that the accusations are baseless and that the group complies with all applicable laws.
Meanwhile, the BSE Sensex dropped by 769.67 points to close at 81,537.70, and the Nifty fell by 241.25 points to 25,048.65. Reliance Industries, India’s most valuable company, saw its shares decline by 1.13%, reducing Mukesh Ambani’s net worth by $1.65 billion to $92.6 billion, marking a $15.1 billion drop in his wealth this year.
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