Adani Drops To Third Richest In Asia After Another Stock Market Rout
India’s Gautam Adani slipped one more spot to third on the list of Asia’s richest people after shares in his group’s listed companies continued to nosedive on Thursday while they attempt to push back against allegations of fraud and stock manipulation.
According to Forbes’ estimates, Adani’s net worth fell to $64.6 billion as a stock market rout wiped off another $12.1 from his fortune on Thursday.
Adani’s estimated net worth has now dropped below Chinese billionaire Zhong Shanshan—the founder and CEO of beverage giant 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 companies of engaging in stock manipulation and accounting fraud last week, Adani has dropped from third to 16th on Forbes’ list of the world’s richest people.
$61.8 billion. That is the total amount that Adani’s fortune has shrunk since Hindenburg’s allegations were made public last week.
Adani made his first public address to investors amid the ongoing turmoil affecting his companies on Thursday but made no mention of Hindeburg’s allegations that have triggered the issue. Last week, Hindenburg disclosed a short position against the Adani Group’s listed firms and published a report which accused the conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades.” While the company has pushed back against the allegations calling them “mischievous,” all of Adani Group’s listed companies have been hit hard on the stock market, cumulatively losing around $108 billion in valuation. On Wednesday, the company announced it had canceled a $2.5 billion follow-on public offering of its flagship firm Adani Enterprises due to market volatility. Before the cancelation announcement, Forbes reported that two of the companies accused by Hindenburg Research of aiding the Adani Group in its alleged accounting fraud and stock manipulation were underwriters in the public offering.
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)