In a report published last week by the US Hindenburg Research, Indian businessman Gautam Adani’s businesses lost $108 billion in a week, following the thesis that Adani Group was engaged in share manipulation and accounting fraud. The losses in question are named as one of the greatest losses in the history of India.
The personal wealth of Adani, who was the second most powerful business person in the world with a fortune of 147 billion dollars last year, melted by approximately 57 billion dollars after Hindenburg’s arguments. Adani’s fortunes fell on the Bloomberg Billionaires’ Index, below that of rival Mukesh Ambani on Wednesday.
The Adani scandal has become a national issue, given how closely Adani’s work, from port management to power diving, is intertwined with the country’s growth plans. As lenders and other counterparties began to reduce their risks, the market was gripped by anxiety.
The billionaire’s move to cancel the share sale also affected politics and business. Behind the decline of Adani shares, the opposition in the country has called for a wider investigation into the company.