Stock manipulation charge: Gautam Adani loses over Rs 80,000 crore in a day, slips to 6th spot in list of world’s richest
Hindenburg Research disclosed in a report that it has "taken a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments".
Gautam Adani has added over $100 billion in the past three years largely through stock price appreciation in the group’s seven key listed companies. (Express Archives) Billionaire industrialist Gautam Adani Thursday slipped three ranks on the Forbes list of the world’s richest after losing over 5.7 per cent of his wealth. This comes a day after shares of Adani Group companies lost over Rs 80,000 crore in market capitalisation after New York-based investor research firm Hindenburg Research, which specialises in short selling, accused Adani’s companies of “brazen stock manipulation and accounting fraud scheme over the course of decades”.
Adani, who was third on the list with a net worth of $119 billion, was surpassed by Amazon founder Jeff Bezos, whose net worth stood at a little over $120 billion. Adani has added over $100 billion in the past three years largely through stock price appreciation in the group’s seven key listed companies, which have spiked an average of 819 per cent during the three-year period.
Share
