Gautam Adani, chairman of Indian conglomerate Adani Group, founder Gautam Adani, Asia’s richest man and second only to Elon Musk, dropped out of the world’s top five richest people at the World Accountants Conference in Mumbai on November 19, 2022. Ranked seventh on Bloomberg’s Billionaire Index.
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Shares of most Adani group companies saw sharp losses for the third consecutive trading session as the company tried to fend off short sellers. The Hindenburg ReportIt accused the group of stock manipulation and an “accounting fraud scheme”.
Adani Enterprises Earlier gains of up to 10% were erased and the group was last traded in afternoon trade in Mumbai after the release Long answer Hindenburg’s more than 400-page statement over the weekend said it would exercise its rights to “pursue remedies” to protect its investors “before all appropriate authorities”.
Adani Enterprises’ share price has fallen more than 25% year to date, according to Refinitiv data. This was followed by a secondary share sale valued at $2.5 billion Concealed by a conduit It wiped out a total of $48 billion by the end of last week.
Founder Gautam Adani, Asia’s richest man and one time Next to Elon Musk Dropped from the top five richest people in the world to seventh place Bloomberg’s Billionaire Index.
His net worth fell $27.9 billion year to date, the index showed. It rose to $150 billion on September 20, 2022, before falling to $92.7 billion at the end of last week, according to the index.
While Adani Enterprises saw marginal gains, other subsidiaries of the Adani Group continued to decline.
‘Attack on India’
Hindenburg’s allegations are a “calculated attack on India, freedom, integrity and the quality of Indian institutions and India’s growth story and ambition,” the Adani Group said in a response issued over the weekend.
The Group Chief Financial Officer is Jukeshinder Singh said In an interview with CNBC affiliate CNBC-TV18, Adani Enterprises’ value has not changed “simply” due to share price volatility, but instead lies in its “ability to incubate new businesses”.
He said he was confident Adani EnterprisesA follow-on public offering calling Hindenburg’s statement “simply false” and the timing of the statement “malicious” was fully subscribed.
Hindenburg The group’s response on Monday morning was described as “tepid” and said it “ignores every major allegation” against the coalition it raised.
“The nationalism of a bloated response that ignores every major allegation we have raised cannot obscure the fraud,” the short seller captioned. Answer For Adani Group.
