Adani slips out of top 10 richest persons of world list, loses $34 bn in 3 days

New Delhi: As Hindenburg released their report and alleged the Adani Group of “brazen stock manipulation and accounting fraud,” Gautam Adani, in the Bloomberg Billionaires Index, has fallen from fourth place to 11th. Adani has slid out of the top 10 richest people list and is just above the Reliance Industries Ltd. chairman Mukesh Ambani.

The billionaire’s current wealth stands at USD 84.4 billion, after losing around USD 34 billion in just three days. Meanwhile, Mukesh Ambani’s fortune is at USD 82.2 billion, neck-to-neck with Adani.

While the Sensex falls after the morning’s trade, Adani has also lost wealth as Adani Group’s shares continue to fall. While some firms owned by Adani Group showed a positive trend, Adani Wilmar, Adani Transmission and Adani Total Gas were trading in the negative territory on the morning of January 31.

Adani Group defended themselves after Hindenburg goes in to short the conglomerate with their report. The group said that it is a ‘calculated attack’ on India and its economy. Replying to the response, Hindenburg Research stated, “Fraud cannot be obfuscated by nationalism.”

Media statement – II on a report published by Hindenburg Research pic.twitter.com/Yd2ufHUNRX

— Adani Group (@AdaniOnline) January 26, 2023

Our response to Adani: pic.twitter.com/6NcFKR8gEL

— Hindenburg Research (@HindenburgRes) January 26, 2023

Hindenburg’s report raised concerns about shares of Adani group companies having a possibility of declining due to their high valuations and criticised the groups’ substantial debt. It also alleged that its auditors were not capable of carrying out such complex audits. The Adani Group answered the 88 questions raised by the report and called it all ‘lies’. The group has also alleged Hindenburg Research to have ulterior motives just before Adani Group’s FPO.

We have included 88 questions in the conclusion of our report.

If Gautam Adani truly embraces transparency, as he claims, they should be easy questions to answer.

We look forward to Adani’s response.https://t.co/JkZFt60V7f

(55/end)

— Hindenburg Research (@HindenburgRes) January 25, 2023

Currently, Bernard Arnault, the chairman of LVMH Moët Hennessy Louis Vuitton is the richest man in the world as per the Bloomberg Index, followed by Space X’s Elon Musk.