Capital flight in the companies of Indian tycoon and until recently Asia’s richest person Gautam Adani continues unabated on Wednesday. A total of $92 billion in lost stock market value.
The Indian industrialist has made a fortune in recent years. It is active in various sectors: from ports and coal to data, media and renewable energy companies. This put him in the list of the three richest people on earth last year.
But a report from American Hindenburg Research – a short seller speculating on lower prices – puts Adani in an awkward position. According to the report published on January 24, Al-Adani is guilty of all kinds of financial malpractices, which the industrialist denies.
The report triggered a sell-off in shares of Adani companies on the Mumbai Stock Exchange in recent days. Adani Enterprises’ share price fell another 28 percent on Wednesday after reports that Credit Suisse would no longer accept bonds from Adani companies as collateral. Adani Enterprises is the most important part of the group around the industrial.
That already means a $92 billion loss in the stock market, according to financial news agency Bloomberg.
The conglomerate also canceled a planned $2.5 billion (€2.3 billion) share sale in Adani Enterprises on Wednesday, which has already been fully subscribed.
Gautam Adani’s personal wealth also suffers from the loss of the stock market. Al-Hindi has already lost more than $40 billion since the report. He immediately lost the title of the richest person in Asia to his compatriot Mukesh Ambani.
Who is Gautam Adani, the third richest man in the world who earned 70 billion in the energy crisis and now sees his fortune shrink? (+)
Unlimited free access to Showbytes? which can!
Log in or create an account and never miss a thing from the stars.
“Total coffee specialist. Hardcore reader. Incurable music scholar. Web guru. Freelance troublemaker. Problem solver. Travel trailblazer.”
New NMBS Transit Plan: More than 2,000 additional trains and onward journeys on Fridays and Saturdays | internal
A wave of theft due to viral TikTok videos: US cities sue Hyundai and Kia for easy software hacking | Mobility
After 30 years, you can again drink beer from the vanished Lamotte brewery: “The taste has not changed” (Michelen)