Gautam Adani is no longer the wealthiest person in Asia or even his country.
In just one week, all of Adani’s glamorous $44 billion profit last year evaporated.
Adani’s fortunes fell below that of rival Indian Mukesh Ambani on Wednesday, as he tries to work with Hindenburg Research, a US short-selling investor.
While the shares of all Adani companies decreased, its controlling company Adani Enterprises Ltd. fell 28 percent. Adani’s fortune fell to about $72 billion, while Ambani’s reached $81 billion.
Adani had risen to the position of the second wealthiest business person in the world last year.
In a report published last week by the US-based Hindenburg Research, it was claimed that Adani Group engaged in share manipulation and accounting fraud.
After this thesis, there were sharp decreases in the stocks of companies within the Adani Group. Subsequently, a 413-page refutation was published by Adani.
On the other hand, while the arguments shook the shares of the cluster, the 413-page defense text did not change the perception of the investor.
