July 20, 2024

Taylor Daily Press

Complete News World

Asia’s richest man’s companies have already lost  billion of their market capital |  Abroad

Asia’s richest man’s companies have already lost $92 billion of their market capital | Abroad

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.

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