"That Was Fast": How Gautam Adani, Lost More Than $60bn in 10 Days
- Indian billionaire who occupied the third position on the list of richest people in the world has lost his position
- Gautam Adani plunged from the position after a research firm accused his conglomerate of stock manipulation and fraud
- He is now ranked the 21st richest man in the world, having lost over $6O billion in 10 days
Indian billionaire, Gautam Adani has become the world’s faster loser after crashing from the enviable height of 3rd richest man in the world to the 21st richest in just 10 days.
Adani has seen his wealth decline by $64.7 billion as his conglomerate is riddled with allegations of stock manipulation and fraud from US-based investor, Hindenburg Research.
Source: AFP
Conglomerate accused of biggest fraud in history
The research firm disclosed a stock fraud against listed companies of Adani firms on January 24, 2023. The company accused the Adani Group of engaging in brazen stock manipulation and accounting fraud spanning several decades.
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The report, apart from crashing the share price of the Adani conglomerate, also impacted heavily on the pockets of Gautam, the Chairman of the Adani empire.
Adani had occupied the 3rd position on the Bloomberg Billionaire Index before the Hindenburg Research expose which sent him crashing to the 5th richest man in just hours.
Gautam Adani bears the brunt
Adani, who was worth over $124 billion behind Tesla CEO, Elon Musk and ahead of Jeff Bezos, is now ranked 21st richest man, a position previously occupied by Meta’s Mark Zuckerberg, who now ranks the 13th richest man in the world.
Forbes report says that Adani CEO, Judgeshinder Singh dismissed the allegations in a video address, calling them a malicious combination of selective misinformation and stale, baseless and discredited allegation.
Worries over more fraud
Singh’s dismissal of the allegations did not stop the downward cascade of Adani’s fortune who is now worth $59 billion.
The rapid share plunge of Adani Group has sparked worries over systemic risk to the Indian and Asian markets.
According to CNBC, India’s central bank has asked local banks for details of their exposure to the Adani conglomerate.
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Source: Legit.ng
