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India's Gautam Adani: Asia's richest man weathering stock market panic

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Shares in the business empire of Asia's richest man Gautam Adani nosedived after a US investment firm claimed it had committed 'brazen' corporate fraud.

MUMBAI: Indian industrialist Gautam Adani is Asia's richest man, with a business empire spanning coal, airports, cement and media.The billionaire began his week the world's third-richest person but has tumbled down the rankings to seventh on Forbes' billionaires tracker after a US$22.6 billion hit to his fortune in Friday's trade, extending the week's losses to US$45 billion.

Trapped with hundreds of others, Adani reportedly hid in the basement all night before he was rescued by security personnel early the next morning. "I'm not a social person that wants to go to parties," he told the Financial Times in a 2013 interview. It grew to become India's largest at a time when most ports were government-owned - the legacy of a sclerotic economic planning system that impeded growth for decades and was in the process of being dismantled.

 

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