Topline
India’s Gautam Adani slipped yet one more spot to 3rd on the list of Asia’s richest individuals after shares in his group’s listed firms continued to nosedive on Thursday whereas they try and push again in opposition to allegations of fraud and inventory manipulation.
Key Facts
According to Forbes’ estimates, Adani’s net worth fell to $64.6 billion as a inventory market rout wiped off one other $12.1 from his fortune on Thursday.
Adani’s estimated internet price has now dropped beneath Chinese billionaire Zhong Shanshan—the founder and CEO of beverage big Nongfu Spring.
A day earlier Adani had ceded the title of Asia’s richest to compatriot Mukesh Ambani.
Since the short-seller Hindenburg Group accused Adani’s firms of partaking in inventory manipulation and accounting fraud final week, Adani has dropped from third to sixteenth on Forbes’ list of the world’s richest individuals.
Big Number
$61.8 billion. That is the total amount that Adani’s fortune has shrunk since Hindenburg’s allegations have been made public final week.
Key Background
Adani made his first public address to traders amid the continued turmoil affecting his firms on Thursday however made no point out of Hindeburg’s allegations which have triggered the problem. Last week, Hindenburg disclosed a brief place in opposition to the Adani Group’s listed corporations and printed a report which accused the conglomerate of partaking in “brazen inventory manipulation and accounting fraud scheme over the course of a long time.” While the corporate has pushed again in opposition to the allegations calling them “mischievous,” all of Adani Group’s listed firms have been hit laborious on the inventory market, cumulatively losing round $108 billion in valuation. On Wednesday, the corporate introduced it had canceled a $2.5 billion follow-on public providing of its flagship agency Adani Enterprises on account of market volatility. Before the cancelation announcement, Forbes reported that two of the businesses accused by Hindenburg Research of aiding the Adani Group in its alleged accounting fraud and inventory manipulation have been underwriters within the public providing.
Further Reading
How Gautam Adani Lost More Than $50 Billion In A Week—And His Ranking As Asia’s Richest (Forbes)
Gautam Adani Fails To Address Hindenburg Allegations In First Public Remarks Amid Ongoing Turmoil (Forbes)