Sign up for the India Edition newsletter by Menaka Doshi – an insider’s guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.
Gautam Adani is one of Asia’s richest men and at one point last year was second in wealth in the world only to Elon Musk. Now, his spot as Asia’s second-richest person is under threat after US prosecutors charged him in November with suspected bribery, triggering a rout in the stocks of his companies. Adani’s fortunes took a hit in early 2023 after allegations of stock manipulation and accounting fraud at his Adani Group were made by the New York-based investor Hindenburg Research, which at the time caused a massive erosion of the group’s market value. While Adani is relatively unknown outside his home country, he’s one of the most influential figures in India and is pushing to increase the global presence of his firms.