Gautam Adani slipped back to the third position on the Forbes real-time billionaires list on Wednesday, displaced by Louis Vuitton's Bernard Arnault in the second place, with about a billion separating the two.
A deep sell-off in Indian benchmark equity indexes led to Mr Adani's net worth declining by $1.27 billion to $140.2 billion, compared to Bernard Arnault's wealth standing at $141.2 billion.
Elon Musk's wealth rose further away to $259.8 billion, well ahead of Bernard Arnault and Gautam Adani, even as Wall Street stocks have collapsed deeper into a bear market, with the S&P 500 enduring its worst run since the beginning of 2020.
But the fall in Indian stocks has been deeper, with domestic benchmarks falling for the sixth straight session on Wednesday after Federal Reserve policymakers reconfirmed an aggressive policy stance in their fight against surging inflation despite increasing recession risks.
That led to domestic investors' wealth erosion, as reflected in Gautam Adani's recent net worth decline.
Amazon boss Jeff Bezos was the fourth on the Forbes rich list, and Reliance's Mukesh Ambani at number eight.