Ahmedabad: Indian businessman Gautham Adani has seen a decline in the list of world’s richest people. Currently, he has dropped from the third place to the seventh place in the Forbes real-time world rich list. He has faced this setback due to the continuous decline in his property values.
Gautam Adani is involved in industries like ports, airports, coal, power generation and real estate. He is 60 years old and hails from Gujarat state. He has been dominating the list of the world’s richest people for the last few years and now he is facing a setback. Currently, his net worth is reported to be $96.5 billion. He has lost around $22.7 billion. That means he has lost 19 percent.
Hindenburg Research, a US-based investment research firm, has recently published a report that the Adani Group has been involved in financial irregularities for several years and that the group has a very high level of debt. Following this, the share value of Adani Group companies fell to Rs 4.17 lakh crore in two days. Adani Group, on the other hand, has said that the Hindenburg Research report is baseless and published with malicious intent.
Earlier, Hindenburg Research had noted that “Adani Group companies are highly leveraged, reflecting the rise in equity value of their companies. Also, there have been irregularities in the stock market. “Adani family members are involved in tax evasion and money laundering by setting up fake companies abroad.” As a result, shares of Adani Group companies fell by Rs 46,000 crore.
Following this, in a statement issued by the Adani Group regarding the Hindenburg report, “Hindenburg has issued a baseless report with the intention of damaging the reputation of the Adani Group. Hindenburg tries to profit from our decline. Due to this misrepresentation, the shareholders of Adani Group have suffered. Worryingly, the report has had an impact on the Indian stock market as well. It is noteworthy that we have embarked on legal action against the Hindenburg Company.
