March 28, 2023

Taylor Daily Press

Complete News World

Gautam Adani’s billion dollar fortune is vanishing

After allegations of fraud, the shares of companies owned by Gautam Adani – until recently the richest man in Asia – suffered severe damage. Within days, Adani lost billions of dollars.

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.

However, a report from US Hindenburg Research this week put Adani in an awkward position. It says Adani is guilty of all kinds of financial misconduct. Although Adani denies this, the report sparked a sell-off of his companies’ shares on the Mumbai Stock Exchange in recent days. The total market cap of $51 billion has already skyrocketed. Some business units — Adani Green Energy and Adani Total Gas, for example — lost more than 20 percent on Friday, halting trading.

Adani’s personal fortune is also suffering from the loss of the stock market. In just two days, the businessman lost $19 billion. In the ranking of the richest people on Earth, compiled by the business magazine Forbes, he slipped from third place to seventeenth.

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