Gautam Adani's Year-to-Date losses outweigh those of Ambani and Damani; see comparison

Gautam Adani, industrialist and the chairman of the Adani Group has been in a world of pain ever since a report by Hindenburg Research dropped on January 24. While the Adani group has called the report 'unsubstantiated speculations,’ the research group has firmly stood its ground and called Adani’s companies ‘fraud.’

Adani's wealth has dwindled by billions of dollars as a result of the devastation of the Adani Group's equities since the release of the Hindenburg report. He has now lost more than half of his wealth, knocking him out of the top 15 on the Forbes Live Billionaire List as of February 4.

Adani, Ambani, and Damani have all lost billions

Adani, Mukesh Ambani, and Radhakishan Damani are the top three Indian billionaires on the list who have lost money. However, compared to Ambani and Damani, Adani's net worth has suffered a multi-fold loss which makes the other two’s losses seem frivolous.

As of February 4, Adani is sitting at number 21 on Bloomberg Billionaires Index with a net worth of around $59 billion and has lost an eye-watering $62 billion of his wealth year-to-date.

Comparing that to Ambani, who currently has a net worth of over $80 billion, has lost $6.3 billion year-to-date.

Next comes venue Supermarts (DMart) founder Radhakishan Damani whose net worth is currently around $16.7 billion, has lost $2.61 billion in wealth year-to-date.

Hindenburg Research

Hindenburg Research is a US-based financial research firm that specializes in producing investigative reports and short-selling research on publicly traded companies. The firm is known for its controversial research tactics and for publishing negative reports about companies that it believes are fraudulent or overvalued. Hindenburg Research is recognized as a short-seller, meaning that it profits when the stock price of a company drops.

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