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Indian billionaire Gautam Adani.File | Photo Credit: Reuters
Indian tycoon Gautam Adani has been dropped from the list of the world’s 10 richest people after the company’s stock price crashed in the aftermath of a US-based Hindenberg Research report.
With a current fortune of $84.4 billion, Adani’s ranking fell from 4th to 11th on the Bloomberg Billionaires Index, wiping out $34 billion in personal fortune in just three trading days.
Also read: Fraud cannot be obfuscated by nationalism, Adani’s answer ignores important question, Hindenberg says
The Adani Group’s shares took a hit on the stock exchange after Hindenburg made a series of allegations in a report involving illegal trading and stock manipulation at the group led by Gautam Adani. The allegation was denied by the group.
Shares of most companies in the Adani Group were trading in negative territory on the morning of January 31st.
For the fourth consecutive day, Adani Total Gas shares fell 10%, Adani Green Energy fell 9.60%, Adani Transmission fell 8.62%, Adani Wilmar (5%), Adani Power (4.98%), NDTV (4.98%), Adani Ports fell. (1.45%).
Now he’s behind 10 other billionaires, including Bill Gates, Jeff Bezos, and Google co-founders Larry Page and Sergey Brin. Reliance Industries Chairman Mukesh Ambani ranks 12th with a net worth of $82.2 billion.
Read also: Hindenburg study report driven by ulterior motives, Adani Group says
Shares of Adani Group fell by as much as 20% on Friday after Hindenburg made damaging allegations. The stock market is closed on Thursday for Republic Day.
Life Insurance Corporation (LIC) has issued a statement that its investments in the group are safe.
“At present, the aggregate holdings of shares and liabilities of Adani Group companies is Rs.36,474.78. The purchase was worth INR 30,127 thousand and the market price at the close of market hours on 27 January was INR 56,142 for 2023,” LIC said.
However, Punjab National Bank (PNB), an Adani Group entity with an exposure of around SEK 7,000, said it was watching the developing situation closely.
LIC shares were down 0.82% on the morning of January 31, while PNB was up 3.74%.
“The market is keeping an eye on Adani Enterprises’ Rs 20,000 additional stake sale and traders will want to know if it will succeed,” said Prashant Tapse – Research Analyst, Senior Vice President, Research. , said Mehta Equities Ltd.
In the broader market, the 30-share BSE benchmark was 59,302.26, down 198.15 points or 0.33%.
(with input from institutions)
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