Gautam Adani falls 20 places in 21 days on world’s richest list

Feb 14, 2023

By: Rounak Jain

Gautam Adani’s rapid fall

Gautam Adani was the fourth richest person in the world on January 24, with a wealth of $119 billion, the day the Hindenburg report was published.

Credit: BCCL

Adani’s Hindenburg disaster

Adani has fallen 20 places in 21 days since the Hindenburg report was published, with his wealth falling to $52.4 billion. His wealth has declined by $66.6 billion in this period.

Credit: BCCL

Adani group companies see a market cap rout

The massive decline in Gautam Adani’s wealth is linked to the slump in the market capitalisation of the Adani group companies – the nine group firms have seen a total decline of ₹12.05 lakh crore since the Hindenburg report was released.

Credit: BCCL

Adani’s wealth and Adani group companies’ market cap halved

While Gautam Adani’s wealth is down 56 percent since January 24, Adani group’s combined market capitalisation is down 55 percent.

Credit: Canva

Adani accused of stock manipulation and accounting fraud

In its report, Hindenburg Research has alleged Gautam Adani pulled “the largest con in corporate history” via stock manipulation and accounting fraud. The charges have been denied by the Adani group.

Credit: BCCL

Top wealth gainer in 2022

Gautam Adani emerged as the top wealth gainer in 2022, adding $44.6 billion even as the other nine billionaires in the top ten list lost a cumulative $259.3 billion.

Credit: BCCL

‘Asia’s busiest dealmaker’ in 2022

Adani was also crowned ‘Asia’s busiest dealmaker’ in 2022 by Bloomberg. At his peak, he was the second richest person in the world and had a wealth of $150 billion.

Credit: BCCL

Future of Adani’s capital-intensive projects under cloud

As a result of the rapid and significant decline in the market value of his group companies, the future of Adani’s ambitious capital-intensive projects is under a cloud even as rating agencies cut their outlook on group companies.

Credit: BCCL

Adani’s fall reaches the Supreme Court’s doors

Multiple petitions have been filed in the Supreme Court, asking it to investigate the Hindenburg report. The government has accepted the court’s suggestion to constitute an expert committee to look into the matter.

Credit: BCCL

Headaches, acidity, eyesight issues & more — working for over 52 hrs/wk is taking its toll on Indian techies