Gautam Adani’s net worth drops below $40 billion, reaches at 2-year low
Billionaire industrialist Gautam Adani, who was the world's third-richest person barely a month ago, dropped to 30th spot on the Bloomberg Billionaires Index on Monday. His net worth now stands at $39.9 billion.
FollowBillionaire Gautam Adani has lost more than a third of his total fortune in just a month as his net worth dropped below $40 billion on Monday, showed updated data on the Bloomberg Billionaires Index.
The 60-year-old Adani's net wealth has dropped by more than $80 billion in the past month, from $120 billion to $39.9 billion. This has resulted in Gautam Adani's net worth falling to a two-year low. His net worth was last seen at the current level in February 2021.
Also Read | Why did Nokia change its iconic logo after 60 years?
The sharp decline in the market value of its 10 listed businesses, which was brought on by a shocking report published by US short seller Hindenburg Research on January 24, is what led to the significant decline in his net worth.
The Adani Group has been charged with market manipulation and inappropriate use of tax havens by Hindenburg, who has also expressed worry over the conglomerate's substantial debt.
Despite Adani Group's denial of the accusations, the market value of the port-to-power company has decreased by $12.2 lakh crore as a result of Hindenburg's report. The market value of the Adani Group as a whole has decreased to below Rs 7 lakh crore, with traded shares of a few group businesses falling by over 80%.
Also Read | Who is Ajay Banga, US President Biden's pick for World Bank president?
Seven out of the top BSE500 losers since January 24 are Adani Group stocks. Adani Total Gas, Adani Green Energy, Adani Transmission, and Adani Enterprises were down 81 per cent, 75 per cent, 74 per cent, and 61 per cent respectively since January 24.
Adani Group is presently actively attempting to calm down investors and other stakeholders around the world after the carnage the Hindenburg report caused alarmed them. Adani Group is currently actively prepaying debts in order to regain the confidence of stakeholders, in addition to ensuring investors and other stakeholders that its cash flows and assets remain robust.
Also Read | In a comeback strategy, Adani group firm repays SBI Mutual Funds' Rs 1,500 crore: Report
