Forbes and Bloomberg are valuing Gautam Adani at $48 billion and $49.1 billion respectively and have placed the billionaire at the 25th spot on their list of wealthiest people in the world, LiveMint reported.

Gautam Adani’s net worth slipped to less than $50 billion for the first time in several years, on Monday.

The billionaire became the second-richest man in the world in September 2022 with his net worth at $156.3 billion. After witnessing fluctuations in his wealth after a market rout caused by Hindenberg’s report, Adani has slipped to the 25th place in the Forbes and Bloomberg real-time billionaires lists.

With a net worth of $49.1 billion in the Bloomberg Index, Adani is ranked between the United States’ Michael Dell ($49.2 billion) and France’s Alain Wertheimer ($49 billion).

In Forbes’s real-time list of the wealthiest people, as on February 20, 2023, Adani’s net worth stands at $48 billion.

With a net worth of around $48 billion, Adani stands ranked behind China’s Zhang Yiming ($49.5 billion), and the United States’ Phil Knight and Family ($47.4 billion) according to the Forbes list.

The Indian billionaire was ranked as the world’s third-richest person with a net worth of $120 billion, in January 2023.

Since Hindenburg Research made allegations of accounting fraud against the Adani Group, the situation has changed in a drastic way.

The Adani Group engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades, Hindenburg report alleged. The US short seller also called out the conglomerate’s “substantial debt.”

Since its release, the report has sent shockwaves across the Indian stock market and wreaked havoc on the market valuation of Adani Group’s listed companies.

However, the Adani Group has dismissed the charges in the report as lies.

Gautam Adani’s personal wealth has also taken a major hit.