Adani’s Wealth Down by 60% following Hindenburg Report

Gautam Adani has lost Rs 3,000 crore of wealth every week over the last year and its overall net worth is down 60% from its peak. This was stated by the M3M Hurun Global Rich List, which  put Adani’s overall fortune at $53 billion as of mid-March.

Industrialist Gautam Adani’s fortunes have suffered a severe setback on concerns over corporate governance and accounting fraud following the exposures in the Hindenburg report. Due to it Mukesh Ambani of Reliance Industries replaced the Ahmedabad-based Gautam Adani as the richest Indian.

Both Gautam Adani and Mukesh Ambani went down in the global billionaires’ rankings. The former slipped 11 places from the peak to be the 23rd richest in the world and the latter went down to be the ninth richest in the world.

Mukesh Ambani suffered a decline in his fortune during the period. At present Ambani’s net worth declined by 20% to $82 billion.

Earlier, US-based short-seller Hindenburg Research published a report accusing the Adani group of large-scale accounting fraud and stock manipulation. This led to a free fall in Adani Group companies’ share prices. However, the Gautam Adani-led conglomerate has refuted all allegations made by Hindenburg report.

Both Gautam Adani and Mukesh Ambani have slipped down the global billionaires rankings because of the decline in wealth, with the former going down 11 places from the peak to be the 23rd richest in the world and the latter coming down to being the ninth richest in the world.