Adani Group lost more than US$50 billion in market value in just two trading sessions after the publication of the Hindenburg report, and Chairman Gautam Adani lost more than US$20 billion, or about one-fifth of its total assets.
Mukesh Ambani, chairman of Reliance Industries Ltd, has passed Gautam Adani as the world’s richest Indian with a net worth of US$84.3 billion, according to the Forbes Real-time Billionaires list.
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According to Forbes, Ambani’s assets increased by 0.19%, with assets increasing by US$164 million, while Adani’s assets decreased by 4.62%, with industrial assets of US$84.1 billion.
This comes days after New York-based Hindenburg Research released a report accusing the Adani Group of audacious stock manipulation.
After the publication of the Hindenburg report, Adani Group lost more than US$50 billion in market value in just two trading sessions, and Chairman Gautam Adani lost more than US$20 billion, or about one-fifth of its total assets.
A study by Hindenburg Research expressed concern that shares of companies in the Adani Group could fall from current levels due to high valuations. It also expressed concern about the Group’s debt exposure.
The group’s flagship Adani Enterprises fell 3.02% to Rs. 2,880.20 per share at BSE. In just five days, the stock has fallen 15% of his. Adani Green fell 3.82% to Rs 1,177.15 per share, with the share price down more than 38% over the past five days.
With ANI input
