Indian industrialist and billionaire Gautam Adani’s net worth continued to decline, placing him seventh on the Forbes Real Time Billionaires list, slipping from the third spot he held before the Hindenburg Report. According to Forbes data, as of January 27, 2023, his net worth was $96.5 billion, a decline of over $22.7 billion (19%).
Shares of seven listed companies of the Adani group crashed for the second straight day on Friday after Hindenburg Research said it took a short position in some securities of the group, which the group dismissed as ‘unfounded’. Adani Group has dismissed the report as baseless and said it is considering taking legal action against the New York-based firm.
Shares of Adani Transmission rallied over 19% and Adani Total Gas 19.1% since mid-March 2020, while Adani Green Energy sank nearly 16% on the BSE.
Meanwhile, Adani Enterprises plunged even as it started 20,000 crore follow-on public offer (FPO) today. Will sell shares in the price band of from 3,112 3,276 appear and the issue will close on January 31, 2023. The flagship firm of billionaire Gautam Adani-led group on Wednesday said it has raised 5,985 crore from anchor investors before the offer.
Gautam Adani He is the founder of Adani Group, the largest port operator conglomerate in India. The Ahmedabad, India-based infrastructure conglomerate is also India’s largest thermal coal producer and largest coal trader. Adani Group’s interests include infrastructure, commodities, power generation and transmission, and real estate.
The Adani group is diversifying its business interests and last year bought cement firms ACC and Ambuja Cements from Switzerland’s Holcim for $10.5 billion. On Friday, ACC was down 15%, while Ambuja fell as much as 25%.
(with inputs from agencies)
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