Hindenburg report: Adani loses $34bn in 3 days, now only the 11th richest.
Adani’s current fortune is $84.4 billion. Adani is now just one spot above his opponent Reliance Industries Ltd. chairman Mukesh Ambani, whose net worth is $82.2 billion.
Unfortunately, after the Hindenburg report, Gautam Adani slipped out of the world’s top 10 richest people list. Very soon, he might lose his position further and become Asia’s wealthiest person. The reason behind this is that the shares of his companies continue to slide.
The position of the Indian tycoon fell from fourth place to 11th on the Bloomberg Billionaires Index. Furthermore, it is reported that he lost $34 billion from his personal wealth in three trading days.
Apparently, he is now just one spot above rival Reliance Industries, with a current fortune of $84.4 billion.
Adani Group company shares have plummeted in just three-day. More than $68 billion of market value is erased after a report by Hindenburg Research alleging “brazen stock manipulation and accounting fraud “ in its publication.