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<ul class="summary-list"><li>Adani Enterprises shot up 19% after a report found no conclusive evidence of price manipulation yet.</li><li>Shares of billionaire Gautam Adani's flagship company had their best day since January. </li></ul>Adani Enterprises surged 19% Monday after a preliminary report found no conclusive evidence of market manipulation as previously alleged by short seller Hindenburg Research. Shares of billionaire Gautam Adani's flagship company hit an intraday high of 2,347 rupees on the <a href="https://www.bseindia.com/stock-share-price/adani-enterprises-ltd/adanient/512599/" target="_blank" rel="noopener">BSE</a>, notching their best day since January.A panel assembled by India's Supreme Court found no conclusive evidence of Adani companies manipulation or regulatory failure, according to a preliminary report released Friday, adding that it has "not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation."However, investigations are ongoing. The Securities and Exchange Board of India has an August 14 deadline to close its probe of the conglomerate.Shares of other Adani companies rallied on the news too, with their market value increasing more than 9% to hit $108.5 billion, according to <a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-22-2023/card/adani-shares-have-their-best-day-since-a-short-seller-report-33rHQWIZRJQDguN4w9Wk" target="_blank" rel="noopener">FactSet data</a> on Monday. Hindenburg released a scathing report about Adani Group on January 24, alleging the Indian conglomerate had engaged in "a brazen stock manipulation and accounting fraud scheme over the course of decades."Adani Group has denied these allegations. Adani's wealth has plummeted by $54 billion year-to-date on the back of the stock selloff and the short-seller report, according to the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/" target="_blank" rel="noopener nofollow">Bloomberg Billionaires Index</a>.

Adani Enterprises surge 19% after report finds no evidence of stock-price manipulation alleged by short seller

<ul class="summary-list"><li>Indian billionaire Gautam Adani lost $52 billion in net worth over six trading days.</li><li>Adani's losses were due to a massive selloff in the shares of his companies.</li></ul>Indian tycoon Gautam Adani's wealth has come under so much pressure in the last week and a half that his losses have outpaced some of the largest fortunes lost in recent years.Adani — whose empire is under pressure from a US short seller — has already lost $52 billion in just six trading days, according to the <a href="https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/" target="_blank" rel="noopener">Bloomberg Billionaires Index.</a> In comparison, former FTX CEO Sam Bankman-Fried lost all of his $16 billion fortune in under a week following the collapse of the crypto exchange, per <a href="https://www.bloomberg.com/news/articles/2022-11-11/sam-bankman-fried-s-assets-go-from-16-billion-to-zero-after-ftx-collapse" target="_blank" rel="noopener">Bloomberg.</a>Adani is now worth $61.3 billion and on the 21st spot on the Bloomberg Billionaires Index. He's also India's second-richest person after <a href="https://www.businessinsider.com/asia-richest-men-wealth-businesses-assets-asia-comparison-2022-8">Mukesh Ambani.</a> However, that's a steep drop from just last week, when Adani was the planet's <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1?_gl=1*rllwbb*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTM4NTcyMi4yNDM5LjEuMTY3NTM5NjA4Ny4wLjAuMA..">fourth-richest person.</a> At his peak in September 2022, Adani was worth $150 billion, per Bloomberg.In terms of absolute value, Adani's wealth wipeout is also larger than that of <a href="https://www.businessinsider.com/eike-batista-is-a-negative-billionaire-2015-2#:~:text=Eike%20Batista%2C%20once%20Brazil's%20richest,2012%2C%20now%20owes%20%241.2%20billion.">Brazil's "negative billionaire"</a> Eike Batista, who lost his entire $35 billion fortune in a year after his oil and mining empire collapsed in 2013.The spectacular decline in Adani's net worth is the most serious in terms of its scale and speed of decline since <a href="https://www.bloomberg.com/news/articles/2023-02-02/adani-s-52-billion-wealth-wipeout-in-six-days-has-few-parallels?srnd=premium" target="_blank" rel="noopener">Bloomberg</a> started tracking billionaires in 2012, the news outlet noted. The dramatic decline in Adani's net worth is because much of his wealth is derived from his stakes in his businesses.Listed companies under the Adani Group have <a href="https://markets.businessinsider.com/news/stocks/adani-stocks-wipe-out-over-100-billion-market-value-2023-2">lost over $100 billion</a> in market value so far this year since short seller Hindenburg Research released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> last Tuesday alleging "brazen stock manipulation and accounting fraud scheme" at the <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-allegations-net-worth-crash-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">Adani Group.</a>The Adani Group has been <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">defending itself vigorously,</a> but Hindenburg has also doubled down on its initial report.Still, the battle has rattled the market. Shares in its flagship company Adani Enterprises are down about 60% this year so far.However, since much of Adani's wealth is tied up with his stakes in his companies, there could still be upside for his fortune as share prices fluctuate.After all, <a href="https://www.businessinsider.com/rich-billionaires-who-declared-bankruptcy-2019-7#once-brazils-richest-man-with-a-net-worth-of-30-billion-eike-batista-lost-a-majority-of-his-wealth-when-his-oil-company-ogx-went-bankrupt-in-2013-in-july-2018-he-was-sentenced-to-30-years-in-prison-for-bribing-former-rio-de-janeiro-gov-sergio-cabral-9">Tesla CEO Elon Musk</a> was the <a href="https://www.bloomberg.com/news/articles/2022-12-30/elon-musk-becomes-first-person-ever-to-lose-200-billion" target="_blank" rel="noopener">first person ever</a> to lose $200 billion after the electric vehicle maker's shares declined sharply last year. But his net worth is up $36.5 billion this year so far on the back of strong gains in the stock, per Bloomberg Billionaires Index.

Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.

<ul><li>The shares of <keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword> and Special Economic Zone are down by nearly 5% on April 13 after S&amp;P announced that it would be removing the company from its Dow Jones Sustainability Indices.</li><li>The dip comes after the shares of the company already fell by nearly 9% on April 12.</li><li>In the last two days, Adani Ports has nosedived by nearly 14% on fears of slump on global trade — and the company’s history in Myanmar isn’t helping.</li></ul>The share price of Adani Ports is down by 4.9% as of 12:00 pm. This comes after the US-based S&amp;P announced that they will be removing the company headed by Gautam Adani — one of India’s richest men — from its Dow Jones Sustainability Indices. This comes after the stock already fell by nearly 9% on April 12. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/5839415"></div>]]></cdata></div> After a strong show in recent months — despite the pandemic playing havoc — the nose dive of Adani Ports’ shares aren’t just a factor of the Myanmar controversy. The market is also in fear of a slump in international trade as the second wave of COVID-19 infections is triggering countries around the world to be on guard. This led the Sensex to crash by 1,700 points yesterday. <div type="Article" hostid="261" msid="82043202" title="Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="S&amp;P scraps Adani Ports from its indices" comment="subhead" text="S&amp;P scraps Adani Ports from its indices">S&amp;P scraps Adani Ports from its indices</cmsannotation> “Analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar’s military, who are alleged to have committed serious human abuses under international law,” said the <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210412-1355163/1355163_djsi-adani-20210412.pdf">announcement</a>. Earlier this month, the Australian Centre of International Justice (ACIJ) and activist group Justice for Myanmar (JFM) had also <a href="https://www.businessinsider.in/stock-market/news/gautam-adanis-adani-ports-share-price-rallies-even-as-nse-and-bse-are-being-called-on-to-take-action-against-the-company-for-myanmar-military-ties/articleshow/81843747.cms">called on</a> India’s National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to take cognizance of the allegations. The civil liberties organisations’ stated that Adani Ports was ‘factually misleading’ its stakeholder, but no action has been taken so far. “This shows there are commercial consequences for Adani Ports’ and other businesses that continue to disregard human rights responsibilities by financing the Myanmar military,” said Justice For Myanmar spokesperson <a href="https://www.justiceformyanmar.org/press-releases/adani-ports-removed-from-dow-jones-sustainability-index">Yadanar Maung</a>, hailing the S&amp;P’s decision. Adani Ports did not immediately respond to an emailed request for comments from Business Insider India. <cmsannotation type="cmsannotation" annotationid="What are the allegations leveled against Gautam Adani’s company?" comment="subhead" text="What are the allegations leveled against Gautam Adani’s company?">What are the allegations leveled against Gautam Adani’s company?</cmsannotation> Adani Ports and Special Economic Zone is one of the largest private port operators in India. And, it has plans to build a $290 million port in Yangon on land that it has leased from the Myanmar Economic Corporation (MEC). The problem lies in the fact that the MEC is run by the Myanmar military. And the military has been accused of violating human rights when it <a href="https://www.businessinsider.in/international/news/people-in-myanmar-are-using-trash-to-protest-as-the-death-toll-climbs-to-more-than-500/articleshow/81770094.cms">toppled the government</a> on February 1. The coup led to the deaths of at least 700 people. The incident drew criticism from all corners of the globe, including <a href="https://www.businessinsider.in/politics/world/news/biden-announces-sanctions-targeting-myanmar-military-leaders-to-urge-them-to-release-detained-elected-leaders/articleshow/80826948.cms">sanctions from the US</a> and Britain on the MEC and Myanmar Economic Holdings Public Company Limited (MEHL). “Adani Ports’ business with a Myanmar military company is reflective of its unethical business also demonstrated via its contribution to the climate crisis, through its involvement in the proposed Adani Carmichael coal project in Australia,” pointed out the executive director of the ACIJ, <a href="https://acij.org.au/joint-media-release-adani-ports-removed-from-dow-jones-sustainability-index/">Rawan Arraf</a>. In an earlier statement, <a href="https://www.adaniports.com/Newsroom/Media-Releases/Media-Statement-from-Adani-Group-on-Myanmar-Situation">Adani Ports spokesperson</a> said that the company is looking into the allegations. “Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward,” they said. SEE ALSO: <a href="https://www.businessinsider.in/business/news/gautam-adani-and-mukesh-ambani-cumulatively-lost-nearly-7-billion-as-the-markets-plunged/articleshow/82043202.cms">Gautam Adani and Mukesh Ambani cumulatively lost nearly $7 billion as the markets plunged</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-has-broken-many-records-in-the-last-the-three-months-from-revenue-to-new-deals-to-new-hiring/articleshow/82034522.cms">TCS has broken many records in the last three months — but that isn't good enough for the market</a> <a href="https://www.businessinsider.in/finance/news/rbis-g-sap-1-0-is-certainly-a-much-needed-demand-lever-to-support-the-government-borrowing-programme/articleshow/82042416.cms">RBI’s G-SAP 1.0 is certainly a much needed demand lever to support the government borrowing programme</a>

Adani Ports’ shares down 14% in two days as market fears a slump in global trade and Myanmar issue denting its image

<ul class="summary-list"><li>Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January.</li><li>Since then, Adani's ties with Prime Minister Narendra Modi have come under scrutiny.</li></ul>Indian tycoon Gautam Adani's troubles with his conglomerate's stock price have spilled over to his country's politics — his ties to Prime Minister Narendra Modi have now come under scrutiny.Ever since US short seller Hindenburg Research released a scathing <a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener nofollow">report</a> on January 24 alleging a "brazen stock manipulation and accounting fraud scheme" at the conglomerate, the shares of Adani Group companies have <a href="https://markets.businessinsider.com/news/stocks/adani-hindenburg-shares-india-sebi-regulator-calm-market-2023-2">been in freefall.</a> And now angry protestors are demanding an investigation into these allegations. On Monday, hundreds of Indian opposition party members demonstrated on the streets of New Delhi, hitting out at investments into Adani's firms made by several state-backed companies as a market rout tore through the companies, <a href="https://www.reuters.com/world/india/indias-adani-shares-see-extended-sell-off-credit-warnings-kick-2023-02-06/" target="_blank" rel="noopener">Reuters</a> reported.Even Modi has been dragged into the kerfuffle — since both he and Adani are from the western Indian state of Gujarat. The prime minister's political opponents say that the leader favors Adani — a claim the Modi government has rejected, per <a href="https://www.reuters.com/world/india/indias-adani-shares-see-extended-sell-off-credit-warnings-kick-2023-02-06/" target="_blank" rel="noopener">Reuters.</a> Adani himself told a local TV channel on Friday that claims of his rise are thanks to a close friendship with Modi are "baseless," reported the <a href="https://timesofindia.indiatimes.com/business/india-business/gautam-adani-says-crediting-his-rise-to-pm-modi-a-baseless-allegation/articleshow/97569363.cms" target="_blank" rel="noopener">Times of India.</a> "The fact of the matter is that my professional success is not because of any individual leader," said Adani.<div type="image" title="Activists of the youth wing of India's main opposition Congress party try to break a police barricade during a protest against what they say are investments by Life Insurance Corporation (LIC) and State Bank of India (SBI) in Adani Group, in New Delhi, India, February 6, 2023." height="2816" width="3754" msid="97692100" hostid="261" sizebytes="710962"></div>Still, perceived coziness between Modi and Adani has become an asset to Modi's political opponents, Steno Research, a Denmark-based research house, wrote in a February 3 <a href="https://www.smartkarma.com/insights/india-watch-why-india-suffers-when-china-is-open-for-business" target="_blank" rel="noopener nofollow">report</a> published on the Smartkarma research platform."The Hindenburg scandal is the perfect weapon for the Indian political opposition against PM Modi. Not only is Modi's relationship with Adani coming into question, Modi's growth model is too," the research firm wrote.The Adani Group itself said in a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">January 29 report</a> refuting Hindenburg's claims that the short sellers' report was "not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India."In response, <a href="https://hindenburgresearch.com/?p=2500" target="_blank" rel="nofollow noopener">Hindenburg</a> said Adani was trying to take the focus away from substantive issues and was stoking a "nationalist narrative" instead.But, "the patriotic outcry is not entirely unfounded," noted said Steno Research.<div type="image" title="Opposition parties' MPs stage a protest over Adani row at the Gandhi statue, in the Parliament complex, on February 6, 2023 in New Delhi, India." height="3336" width="4449" msid="97692103" hostid="261" sizebytes="992582"></div>The selloff in Adani shares — which <a href="https://www.bloomberg.com/news/articles/2023-02-03/adani-rout-spurred-by-short-seller-among-biggest-in-history">topped $110 billion in two weeks</a> — <a href="https://www.businessinsider.com/adani-ambani-bad-month-indian-billionaires-lost-billions-2023-1?utm_medium=ingest&amp;utm_source=markets" rel="">spilled over</a> into the broader Indian markets. The benchmark Sensex and Nifty 50 indices dipping lower, which is prompting concerns about corporate governance and debt in the country — this could also have wider implications."The Adani Group — with investments in ports, roads, rail, airports, and power — is now a crucial vehicle for India's economic ambitions under PM Narendra Modi Combined with Adani's vast debt intake, some commentators are fearing that the Hindenburg report is threatening the wider Indian economy," added Steno Research in its February 3 report.On its part, the Adani Group has been troubleshooting hard. On <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-net-worth-billionaire-world-richest-list-hindenburg-shortseller-2023-1?_gl=1*f11orn*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTc0NjA0OS4yNDU4LjEuMTY3NTc0Njg0OC4wLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets" rel="">January 29,</a> it released a <a href="https://www.adani.com/-/media/Project/Adani/Invetsors/Adani-Response-to-Hindenburg-January-29-2023" target="_blank" rel="noopener nofollow">413-page report</a> defending itself against Hindenburg's allegation — just three days after saying it was <a href="https://markets.businessinsider.com/news/stocks/adani-group-legal-action-hindenburg-short-seller-2023-1?_gl=1*f2o1x6*_ga*MTMwNjYzODQ5MS4xNjMzMzIwMTA2*_ga_E21CV80ZCZ*MTY3NTc0NjA0OS4yNDU4LjEuMTY3NTc0Njk3MS4wLjAuMA..&amp;utm_medium=ingest&amp;utm_source=markets" rel="">exploring potential legal action</a> against the short seller.They even sought to restore investor confidence by prepaying $1.1 billion in loans, the conglomerate said in a <a href="https://www.adani.com/Newsroom/Media-Release/Statement-On-Pledge-of-Shares-of-Adani-Listed-Companies" target="_blank" rel="noopener nofollow">statement</a> on Monday. It said the move was made "in light of recent market volatility."And it seems to be working — some Adani Group-related stocks appeared to be lifted by the news.The conglomerate's flagship company, Adani Enterprises shares were 15.6% higher by 2.45 p.m. local time, while those of Adani Ports and Special Economic Zone climbed 2.4%. Shares of Adani Transmission were also up about 1%. Adani Green Energy, Adani Power, and Adani Total Gas were all 5% lower.

India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too

<ul><li>Queensland’s Department of Environment and Science gave a go ahead for Adanis to start construction at the Carmichael coal mines.</li><li>The approval has been termed as bad news by environmental groups. </li></ul>After a decade long battle, Gujarat-based <keyword id="6367820" type="ORGANIZATION" weightage="20" keywordseo="adani-group">Adani Group</keyword> finally won the rights to develop its Charmichael coal mine in Queensland, Australia. The controversial coal mine became a hotbed for climate change concerns. But today, Adani <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">received</a> a go-ahead from Queensland’s Department of Environment and Science (DES). The approval was holding up the billionaire Gautam Adani-led group from kickstarting construction at the mine. The project to develop the mine also involves building a railway line which will connect the mine to Abbot Point port, aiding exports. This infrastructure is estimated to cost around $3.3 billion. However, there were concerns that the construction would have an adverse impact on the groundwater table. Added to that, the endangered finch bird which is native to the region, could also be affected, according to environmental groups. DES has been <a href="https://www.abc.net.au/news/2019-06-13/adani-carmichael-coal-mine-approved-water-management-galilee/11203208">reviewing</a> Adani’s groundwater management plan for over two years. Eminent scientific bodies like CSIRO (Commonwealth Scientific and Industrial Research Organization) and Geoscience Australia are among those which conducted reviews of the project’s groundwater management plan. Adani acquired the mines in 2010 and they were expected to produce 8-10 million tonnes of thermal coal a year. This coal can be used to generate electricity, though the quality of coal has been described as ‘low’ with high ash content. Not only was the coal mine acquisition controversial due to its claimed economic benefits and financial viability; it also ran into an environmental quagmire. The coal basin is located in a pristine area, and this approval was opposed by green groups who believe that it can affect the Great Barrier Reef. It is also believed to deplete the groundwater at its site and the carbon emissions will not help the delicate balance of the area either. The <a href="https://in.reuters.com/article/australia-coal-adani-ent/adani-wins-green-light-for-long-awaited-australian-coal-mine-idINKCN1TE0C0">approval</a> has been described as “bad news” by the Australian Marine Conservation Society.

Australia allows India's Adani Group to start construction at the Carmichael mine

<ul class="summary-list"><li>The Indian tycoon <keyword id="12173789" type="UNKNOWN" weightage="60" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> is nearly Asia's <keyword id="12429218" type="UNKNOWN" weightage="60" keywordseo="richest-man" source="Orion">richest man</keyword> on the Bloomberg Billionaires Index.</li><li>As stocks in his companies rose Wednesday, Indian <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">news</keyword> outlets began placing him in the No. 1 spot.</li></ul>It's been a good year for Gautam Adani.The port tycoon, who hails from India, saw his fortune surge by $55.3 billion in 2021, according to estimates from the <a href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>, knocking Zhong Shanshan, China's richest man, into third place among Asia's wealthiest billionaires on the list.Adani, 59, now sits at a net worth of $89.1 billion on the index. That makes him $800 million shy of Asia's highest-ranked person, the Indian energy magnate <keyword id="11905008" type="UNKNOWN" weightage="60" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>.On Wednesday, Adani edged closer to the No. 1 spot, as shares of Adani Enterprise and Adani Ports rose 2.76% and 4.59% while Ambani's companies Reliance Industries and Reliance Industrial Infrastructure slipped by 1.48% and 1.57%, the <a href="https://news.abplive.com/business/gautam-adani-dethrones-mukesh-ambani-becomes-asia-s-richest-man-1495504">Indian outlet ABP News</a> reported.<a href="https://economictimes.indiatimes.com/markets/stocks/news/gautam-adani-surpasses-mukesh-ambani-as-asias-richest/articleshow/87887862.cms">Several local media outlets</a> now hail Adani as Asia's richest man, though he still sat at second place on Bloomberg's index as of Thursday.Adani has business interests in energy, defense, and real estate, and he owns <a href="https://www.adaniports.com/Ports-and-Terminals/Mundra-Port">India's largest commercial port</a>, one of the <a href="https://www.adanienterprises.com/businesses/mining-and-mdo/australia">world's largest coal mines</a>, and a <a href="https://timesofindia.indiatimes.com/business/india-business/adani-group-takes-over-mumbai-airport/articleshow/84380085.cms">74% stake in Mumbai's international airport</a>. And he's come a long way from his days as a college dropout and time as a gem sorter.<h2>Diamonds, exports, and loans</h2>Born in 1962 as one of eight children in Ahmedabad in the western state of Gujarat, Adani was the son of a textile merchant but declined to take on his father's business, <a href="https://www.siliconindia.com/news/success-stories/gautam-adani-from-a-college-dropout-to-billionaire-industrialist-nid-210122-cid-80.html">Silicon India reported</a>.Instead, he enrolled in Gujarat University in Ahmedabad to study commerce but dropped out after his second year, opting to work as a diamond sorter in Mumbai in the early 1980s, per the magazine <a href="https://www.adani.com/-/media/Project/Adani/Media-Coverage/TheNewBusinessFamilies.pdf?la=en">Business Today</a>.Adani then moved on to diamond trading and eventually started his own business, Adani Enterprises, to import and export commodities in 1988, <a href="https://www.ft.com/content/ffce04fe-d295-11e2-aac2-00144feab7de">the Financial Times reported</a>.He would use profits from his business to back heavy loans so he could enter other industries, per the Financial Times.Adani received permission from the Gujarat government in 1995 to start a harbor in the town of Mundra, according to <a href="https://timesofindia.indiatimes.com/news/Gautam-Adani-the-baron-to-watch-out-for-if-Narendra-Modi-becomes-king/articleshow/33521536.cms">The Times of India</a>. It eventually developed into India's largest private port.Adani, an ally of Indian Prime Minister Narendra Modi since Modi was chief minister of Gujarat in 2003, <a href="https://www.ft.com/content/474706d6-1243-4f1e-b365-891d4c5d528b">has been accused</a> of rising in prominence and wealth because he supported the national leader. In an interview with the Financial Times, he denied his business success came from his political ties.<h2>A terrorist attack and a $2 million ransom</h2>In 1998, Adani accused several men of kidnapping him and a companion, Shantilal Patel, <a href="https://indianexpress.com/article/cities/ahmedabad/two-accused-of-abducting-gautam-adani-20-years-ago-acquitted-5473592/">per The Indian Express</a>. He alleged that he and Patel were traveling in a car on New Year's Day when a scooter blocked their path, allowing a group of men to abduct the pair into a van at gunpoint.A report filed against the men said that they demanded a ransom of $2 million from Adani's family and that he and Patel were released after the money was sent over, according to The Indian Express. But two of the people brought to trial were acquitted in 2018, while six others were cleared of the charges in 2005 because the prosecution couldn't tie them to the alleged kidnapping, <a href="https://www.timesnownews.com/business-economy/companies/article/throwback-when-indias-fifth-richest-man-survived-a-kidnapping-and-terrorist-attack/606122">Times Now India reported</a>.Adani doesn't like to talk about the incident, according to the Financial Times, telling the outlet: "Two or three very unfortunate incidents happened in my life, that is one of them."A separate brush with danger came a decade later, during the <a href="https://www.bbc.com/news/world-asia-india-46314555">2008 Mumbai terrorist attacks</a>, a violent 60-hour siege of the city by 10 heavily armed Pakistani militants that left 166 people dead.<div type="image" title="A man holds a sign on top of a car" height="2001" width="3000" msid="87909988" hostid="261"></div>Adani was dining at the Taj Mahal luxury hotel when the siege occurred and said he could see the militants enter the building from his table, <a href="https://www.indiatoday.in/latest-headlines/story/gautam-adani-mallika-sarabhai-escape-after-close-encounter-with-death-34159-2008-11-28">India Today reported</a>.He hid in a basement with the help of hotel staff and later relocated to a chamber hall on an upper floor as the attack continued throughout the night. He told India Today that when commandos stormed the hotel the following day, and he was escorted to safety, he "saw death at a distance of just 15 feet."More than 100 people were hiding with him, he said at the time: "Some had hidden below the sofa while others had taken similar evasive position. Sitting on a sofa, I was telling them to have faith in God."In 2018, <a href="https://indianexpress.com/article/26-11/stories-of-strength/the-ordeal-the-hope-26-11-anniversary-mumbai-attacks-nsg-mumbai-police-5466005/">he wrote a reflection on the attack</a> published on The Indian Express, saying the anniversary of the attack was a "day of personal reflection and prayer" for him every year."One of the lives they saved that night was mine. I still recollect some of the faces — people I will never know, people I will never be able to repay," he wrote. "I am often struck by the thought that this was God's way of keeping me grateful and indebted."Insider has reached out to the Adani Group for comment.

Gautam Adani, the man who may soon be Asia's richest person, is a college dropout who survived the 2008 Mumbai terrorist attacks and says he was once kidnapped for ransom

<ul><li>This 18-year-old middle class boy became a trader and now sits on top of a business empire that, amongst others, owns and operates India’s largest private port at Mundra. </li><li>In 25 years, <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword> built one of India's largest infrastructure companies worth ₹4700 crore. </li><li>According to Hurun Rich List, <keyword id="76451" type="COMPANY" weightage="20" keywordseo="Adani">Adani</keyword> is the fifth richest person in India with a networth of ₹94,500 crore. </li></ul>The art of making money cannot be taught in a school. This adage is proven letter and word by billionaire Gautam Adani who quit college at the age of 18, took a train to Mumbai with a few hundred Rupees in his pocket. This middle class boy became a trader and now sits on top of a business empire that, amongst others, owns and operates India’s largest private port at Mundra. Not only is he keeping his wide business interests afloat,<a href="https://economictimes.indiatimes.com/markets/stocks/news/adani-group-gets-the-nod-to-bid-for-dighi-port/articleshow/71269129.cms"> he is also reportedly looking to buy debt-laden Dighi Port with 78% haircut</a>, for ₹650 crore. Adani who has not studied risk management, yet does not shy away from making gnarly moves. Even after knowing that he might lose it all, Adani had bet a massive $10 billion on an Australian coal mine — his highest best so far. Here’s a look at Adani and his business’ growth over the last four years: 
	
	<div type="Slideshow" msid="71304650" hostid="261" title="Gautam Adani's wealth multiplied nearly 3 times in the last four years" firstImageMsid="71304651" slideCount="4"></div>

You Searched For "Gautam Adani news" and got 8 results

Adani Enterprises surge 19% after report finds no evidence of stock-price manipulation alleged by short seller

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Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.

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Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.

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Adani Ports’ shares down 14% in two days as market fears a slump in global trade and Myanmar issue denting its image

Prabhjote Gill

India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too

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Australia allows India's Adani Group to start construction at the Carmichael mine

BI India Bureau

Gautam Adani, the man who may soon be Asia's richest person, is a college dropout who survived the 2008 Mumbai terrorist attacks and says he was once kidnapped for ransom

Matthew Loh

Gautam Adani's wealth multiplied nearly 3 times in the last four years

Preeti Soni

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