Gautam Adani slips to 24th spot on world billionaires' list; Know his current net worth
By Team Newsable | First Published Feb 14, 2023, 4:05 PM ISTGautam Adani has gone down to the 24th spot in the global billionaires’ list amid the ongoing row over the scathing report by the US-based short seller Hindenburg Research against the Group.
In light of the ongoing controversy surrounding the damning research by US-based short seller Hindenburg Research against the Adani Group, Gautam Adani, chairman of the ports-to-power giant Adani Group, has dropped to the 24th position on the list of the world's billionaires. According to the Bloomberg Billionaires Index, as of February 14, Adani's net worth was $52.4 billion. The tycoon has a net worth of $53 billion, according to the Forbes Real-Time Billionaires Index.
The Adani Group problem began when the US-based short seller company Hindenburg Research charged the group with manipulating the stock market, using shell companies to launder money, and engaging in accounting fraud. The news led to a significant decline in the value of Adani Group firms' stock.
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In other developments, Adani Group has appointed Grant Thornton, an accountancy firm, for an independent audit of some of its companies in a bid to come clean of the damning allegations levelled by the US short-seller Hindenburg Research and to assure investors and regulators. It is reportedly said the audit is primarily to show to regulators like the Reserve Bank of India (RBI) that the group has nothing to hide and it is in compliance with relevant laws.
Meanwhile, the capital markets regulator SEBI has told the Supreme Court that it is already investigating Hindenburg’s allegations against the Adani Group and the market activity in the Group’s stocks before and after the report came out.
Hindenburg is a short seller research company, among others that study businesses with purported governance and/or financial problems, according to the statement.
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