Business tycoon Gautam Adani lost over Rs 10 lakh crore wealth in just 4 days
Synopsis
According to the Forbes Real-Time Billionaires list, Gautam Adani's net worth is now at $62.8 billion. At the start of the week, the wealth total was $77 billion.
Billionaire Gautam Adani will want to completely forget this week in which the 58-year-old tycoon lost close to about 14 billion dollars. In fact, Gautam Adani has lost his standing as Asia's second-richest person.
A crash in the Adani Group's fortunes began with the Economic Times report, which claimed that the three of its offshore investors had been red-flagged by the National Securities Depository Limited because of insufficient information on the owners.
The news triggered a bloodbath of sorts at the stock markets with shares of key Adani Group companies -- Adani Enterprises, Adani Power, Adani Total Gas, Adani Transmission, Adani Ports, and Adani Green Energy -- taking a massive hit.
According to Reuters, the six firms shed value to the tune of Rs 2 trillion ($26.98 billion) in four days through Thursday.
Adani Group refuted the Economic Times report and called it blatantly erroneous.
The NSDL too denied freezing the accounts of three Mauritius-based funds -- Albula Investment Fund, Cresta Fund and APMS Investment Fund -- which control 2.7% of the Adani Group companies' shares.
APMS clarified that the relevant NSDL entry for APMS Investment Fund reflected only a technical account-level freeze and that, it claimed, had absolutely no relevance to its normal FPI trading activities.
Dalal Street experts say that market is not yet convinced with the clarification from the Adani Group.
Adding to the speculation is the mystery surrounding the funds in question. News agency Reuters reported that it was unable to find a website for all the funds and that calls to the phone numbers provided to Mauritius regulators went unanswered.
Meanwhile, the losses are piling up. According to the Forbes Real-Time Billionaires list, Adani's net worth is now at $62.8 billion. At the start of the week, the wealth total was $77 billion.
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.