Gautam Adani falls 20 places in 21 days on world’s richest list
Feb 14, 2023
Credit: BCCL
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.
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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.
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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.
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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.
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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.
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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.
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‘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.
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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.
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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