Billionaire Gautam Adani loses over ₹48,000 crore in net worth in one day after Hindenburg report

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Gautam Adani’s net worth, the richest in India and Asia, plummeted significantly in just one day after a sharp drop in bonds and shares of the seven publicly traded Adani group companies fell yesterday by 3 % and 7% when Hindenburg, a well-known American short seller, said key publicly traded companies in the group controlled by billionaire Gautam Adani had substantial debt, putting the entire group on a “lower footing.” precarious financial

According to the Bloomberg Billionaires Index, Gautam Adani lost about $6 billion (about $48,600 crores), down almost 5%, in one day and his net worth currently stands at $113 billion as of January 26, 2023. The Bloomberg Billionaires Index prepares the daily rankings of the 500 richest people. Figures are updated at the close of each trading day in New York.

The Adani Group, however, called the report on the group “a malicious combination of selective and outdated misinformation” and is exploring legal action against the US investor in its report alleging “blatant” market manipulation and accounting fraud by of the empire of the richest man in Asia.

The report coincided with Adani’s upcoming $Continuing Public Offering (FPO) of Rs 20,000 crore which opens on Friday and closes on January 31. It will sell shares in the price band of $3,112 to $3,276 each. Flagship firm Adani Enterprises Ltd said on Wednesday that it has raised $Rs 5,985 crore from anchor investors before their FPO.

Gautam Adani, 60, is the founder of the Adani Group conglomerate, India’s largest port operator. The Ahmedabad, India-based infrastructure group is also the largest producer of thermal coal and largest coal trader in India. His $13 billion interests (income) in the Adani Group span infrastructure, raw materials, power generation and transmission, and real estate.

He owns a 75% stake in Adani Enterprises, Adani Power and Adani Transmissions, according to March 2022 stock exchange filings. He also owns around 37% of Adani Total Gas, 65% of Adani Ports & Special Economic Zone and 61% of Adani Green Energy.

  1. Earlier this week, the Indian industrialist slipped to fourth on the list of the world’s richest as Amazon’s Jeff Bezos surpassed as the world’s third-richest person.

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