Adani Group's $70 Billion Tumble: What Does It Mean for India's Richest Man?
By: HindiMaa
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Losing $70 billion
Indian billionaire Gautam Adani has experienced a significant decrease in his net worth in the year 2022, with a staggering loss of $70 billion, as reported by the Bloomberg Billionaires Index.
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Big Dip
This is the largest year-to-date decrease in wealth among the 500 billionaires that are tracked by the Bloomberg Billionaires Index.
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Slipping Ranks
Due to his recent financial losses, Gautam Adani's rank has fallen from being the second richest person in the world to the 25th position.
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Net worth now
As a result of the decline in his wealth, the current net worth of Gautam Adani, the chairman of the Adani Group, is now $49.1 billion.
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Why ?
The Adani Group's stocks have experienced a significant decline after the US-based short seller, Hindenburg, accused the conglomerate of engaging in accounting fraud and stock manipulation.
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Shares On Rout
After the release of Hindenburg's report, the Adani Group's stocks have consistently experienced a downward trend. The shares of all seven listed companies have remained predominantly in the red since late January.
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Nosediving Market Cap
Within three weeks of the publication of the report, the Adani Group, which operates in ports and power, has seen a market capitalization loss of almost $130 billion.
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Denial and a fight
The Adani Group has vehemently denied all of the allegations made by Hindenburg in a detailed response, and has referred to the report as an "attack on India".
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Gap with Ambani
Due to Gautam Adani's financial losses, Mukesh Ambani has now become the wealthiest Indian and currently holds the 11th position in the Bloomberg Billionaires Index, with a net worth of $83.6 billion.