After Hindenburg Research's negative report, Gautam Adani slips 4 positions on Forbes rich list
Mumbai: Amid a drop in the stock prices of the companies in Adani Group, its chairman Gautam Adani slipped from 3rd to 7th position on the list of the world’s richest people, as per Forbes Realtime Billionaires.
Media reports said the stocks of companies in Gautam Adani’s highly diversified conglomerate continued to drop since Wednesday post a report by American short-seller Hindenburg Research.
On Friday, the group’s stocks crashed over 20 percent, which is also reflected in the muted response received by Adani Enterprises FPO by investors across categories.
As per the Forbes list, Adani lost $22.6 billion since the report was made public.
Gautam Adani’s net worth dropped to $96.6 billion from $121 billion before the Hindenburg report, according to Forbes.
Hindenburg Research had raised concerns about high debt at the group and accused it of improper use of entities set up in offshore tax havens - a charge the group denies, according to Reuters.
The report alleged corporate misgovernance, stock price manipulation and high leverage of the group.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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