PanamaTimes

Friday, Mar 29, 2024

Gautam Adani: One of the world's richest men loses ground after £39bn stock market slump

Gautam Adani: One of the world's richest men loses ground after £39bn stock market slump

Gautam Adani's position in the top three of the world's richest people is lost, on paper at least, as investors take flight from his group's listed businesses amid allegations of fraud.
Shares in listed companies controlled by one of the world's richest men have lost $48bn (£39bn) in market value over three days after a report by a short seller that claimed he was behind the "largest con in corporate history".

Shares of Gautam Adani's flagship Adani Enterprises sank by 20% on Friday alone after Wednesday's report by New York-based Hindenburg Research that questioned his group's business practices and debt levels.

Wider stock market sentiment in India has also plunged in the wake of the study, with banks that have exposure to Adani firms coming under particular pressure.

The sector held 40% of the $24.5bn of Adani Group debt in the financial year to March 2022.

In addition to the report's concerns related to debt, flags were also raised about alleged improper use of entities set up in
offshore tax havens, stock market manipulation and accounting fraud.

The group has denied the accusations and said it is considering the prospect of legal action on the grounds that the report is baseless.

India's capital markets regulator was studying the Hindenburg report and could use it to aid its own ongoing investigation into offshore fund holdings of Adani Group, according to Reuters.

Mr Adani's other listed entities have suffered big reductions to their market value - in line with Adani Enterprises.

They include Adani Transmission, Adani Total Gas, Adani Green Energy and Adani Ports.

The stock market plunge has also seen Mr Adani's position tumble from third in the world's richest league.

With an estimated net worth of $97.6bn (£79bn) he is now the world's seventh richest man, according to Forbes.

Saurabh Jain, assistant vice-president of research at SMC Global Securities, said of the market mayhem in India: "The sell-off is seriously extreme ... it has clearly dented the overall investor sentiment."

The Nifty Bank index was 3% off on Friday.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×